NIIT to acquire remaining shares of IFBI, make it wholly-owned arm

NIIT Ltd board has approved the purchase of an additional 1.9 million equity shares of NIIT Institute of Finance Banking and Insurance Training Ltd (IFBI) to fully acquire the subsidiary, according to an exchange filing.

NIIT holds 80.72 per cent stake in IFBI, and post the aforesaid acquisition, IFBI will become its wholly owned subsidiary, the filing stated.

The shares will be acquired from ICICI Bank Limited (1.9 million shares, 18.79 per cent stake) and individual shareholders (50,000 shares, 0.49 per cent stake).

The aggregate consideration for the acquisition of shares from ICICI Bank is expected to be between Rs 4.7 crore and Rs 6.5 crore.

The acquisition is expected to be completed by September 30, 2025, according to the filing on Saturday.

"As a strategic business decision, NIIT Limited has agreed to acquire 1,900,000 equity shares of IFBI from ICICI Bank Limited and 50,000 equity shares of IFBI from Individual shareholders," the filing read.

IFBI, incorporated in 2006 and headquartered in Gurgaon, reported a revenue of Rs 56.7 crore and a net worth of Rs 21.9 crore for the fiscal year 2023-24.