Niit To Seek Nod For Hiking Fii Holding

NIIT has convened an extraordinary general meeting (EGM) to seek shareholders' approval to increase foreign institutional investor (FII) holding in the company to 30 per cent of the paid-up capital.

The EGM is scheduled for September 10, 1998.

The company, which has already reached the 24 per cent ceiling limit of investments by FIIs, has been receiving requests from its present and prospective FII's to increase their holding limit to 30 per cent in order to enable wider participation and higher liquidity.

NIIT, which has drawn up plans for globalisation of its operations, believes that the hike in FII holding limit will bring the company's valuations closer to global norms for similar organisations, an official statement from NIIT states.

 

NIIT, a leading computer-education and software company, was ranked the fourth largest software company in the Nasscom survey of the Indian software industry for the year 1997-98 with software revenues of Rs 325 crore and ranked the third largest company in another survey by Dataquest, published in its July 30 issue.

The Delhi-based company has also been invited to be member of the Founders Council of the Malaysian Multimedia Super Corridor (MSC) where it already enjoys the MSC status and is among the first 20 global majors to have got this status.