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Open offer for NIIT Tech to begin from May 31 after acquisition by BPEA

The deal triggered an open offer under which BPEA is slated to make an offer to the public shareholders of NIIT Technologies for purchasing up to 26 per cent additional shareholding

Press Trust of India  |  New Delhi 

NIIT Tech

Technologies said Friday that open offer, following the acquisition of stake by Baring Private Equity Asia, is expected to commence from May 31.

Earlier this month, funds affiliated with (BPEA) bought about 30 per cent stake in services firm Technologies from Ltd and other promoter entities for about Rs 2,627 crore.

The deal triggered an open offer under which BPEA is slated to make an offer to the public shareholders of for purchasing up to 26 per cent additional shareholding -- taking the total deal value to up to Rs 4,890 crore.
 

In a regulatory filing, NIIT Technologies told the BSE that the open offer will tentatively begin May 31 and close on June 14.

The filing noted that the last date for filing of the draft letter of offer (DLoF) with the (Sebi) is April 23.

NIIT Technologies said the open offer for up to 1.62 crore fully paid-up equity shares (representing 26 per cent stake) will be made by along with The Baring Asia Private Equity Fund VII LP, The Baring Asia Private Equity Fund VII and The Baring Asia Private Equity Fund VII SCSp.

The transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from the

First Published: Fri, April 12 2019. 20:35 IST
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