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NIIT to divest 23.10% stake in NIIT Technologies

Capital Market 

NIIT has executed a share purchase agreement on 06 April 2019 with Hulst B.

V. (purchaser) and NIIT Technolgies for sale of its entire shareholding comprising of 1,44,93,480 equity shares of Rs 10 each (aggregating to 23.10% as on fully diluted basis) in equity share capital of NIIT Technologies to Hulst B. V. at Rs 1394 per equity share, for an aggregate consideration of Rs 2020.39 crore.

Simultaneously, the remaining promoter/ promoter group of NIIT Technologies have also executed separate share purchase agreements for sale of their entire shareholding comprising of 43,54,638 equity shares of Rs 10 each (aggregating to 6.94% as on date on fully diluted basis) to the purchaser.

The aforesaid transaction by the promoter / promoter group for sale of their shareholding aggregating to 30.04% (as on date on fully diluted basis) in NIIT Technologies is conditional upon obtaining the approval of Competition Commission of India and the anti-trust authorities in Germany and United States of America by the Purchaser and Open Offer being made by the Purchaser to the public shareholders of NIIT Technologies and completion of other terms and conditions as mentioned in SPA.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 08 2019. 09:58 IST