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Baring PE's plan to buy 30% stake in NIIT for Rs 2627-cr gets CCI approval

This includes about 14.4 million shares of NIIT and 4.3 million shares held by he families of NIIT founders

Press Trust of India  |  New Delhi 

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The said Friday it has cleared Baring Private Equity Asia's 30 per cent stake purchase in mid-sized IT services firm Technologies in a Rs 2,627-crore deal.

The acquisition will trigger an open offer under which (BPEA) will make an offer to public shareholders of Technologies for purchasing up to 26 per cent additional shareholding, taking the total deal value to up to Rs 4,890 crore.

In a tweet, the of India (CCI) said it "approves acquisition of share capital of the Technologies Limited by Hulst B.V."

Hulst B V is a company registered in the It is indirectly owned and controlled by funds affiliated with BPEA, according to the notice submitted to the CCI.

Earlier this month, the IT firm had said funds affiliated with BPEA have signed definitive agreements to buy about 18.85 million shares of the company from and other promoter entities at a price of Rs 1,394 per share.

This includes about 14.4 million shares of NIIT Ltd, and about 4.3 million shares held by members of families of NIIT founders and

holds about 23 per cent stake, while and Singh with their families hold around 7 per cent shares in NIIT Technologies.

Deals beyond a certain threshold require clearance from the fair trade regulator.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Fri, April 26 2019. 19:25 IST