New Delhi: Baring Private Equity Asia (BPEA) has reached an agreement to buy approximately 30 per cent shareholding on a fully diluted basis in IT solutions firm NIIT Technologies from NIIT Ltd and other promoter entities at a price of Rs 1,394 per share.
The aggregate consideration for purchase of shares from promoter entities is estimated to be Rs 2,627 crore, NIIT Technologies said on Saturday.
In accordance with the Securities and Exchange Board of India regulations, BPEA will make an open offer to the public shareholders of NIIT Technologies to purchase up to 26 per cent additional shareholding at a price of Rs 1,394 per share, the company said.
The aggregate consideration for purchase of shares from promoter entities and the open offer is estimated to be up to some Rs 4,890 crores based on ownership of approximately 56 per cent stake.
NIIT Technologies Ltd became an independently listed company after demerger from NIIT Ltd in 2004.
"The involvement of Baring Private Equity Asia will provide further impetus to the management team led by CEO Sudhir Singh to take the company to the next level of growth," Rajendra Pawar, Chairman, NIIT Technologies, said in a statement.
"BPEA is pleased to be investing in NIIT Technologies. We look forward to partnering with the company's management team to continue to build the business over the coming years," said Jimmy Mahtani, Managing Director of BPEA.