Two promoters of NIIT Technologies, Rajendra S. Pawar and Vijay K. Thadani, have sold about 44.36 lakh shares of the company for Rs.120 crore.

The sale proceeds would be used to fund the expansion plans of NIIT University, NIIT Chairman Rajendra S. Pawar said in a statement.

The stake sale represents about 7.4 per cent of the company’s shares and post the transaction, the promoter group continues to own over 31 per cent shareholding of NIIT Technologies, the statement said.

The stake sale has been done to a diversified set of investors, including foreign institutional investors and domestic institutions and Rs.120 crore was raised, the statement added.

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