NATIONAL

BPEA will invest Rs. 2,600 cr. in NIIT

A NIIT centre in Delhi’s South Extension.  

Baring Private Equity Asia (BPEA), has signed definitive agreements to buy a 30% stake in NIIT Technologies Limited shares from NIIT Limited and other promoter entities at a price of Rs. 1,394 per share, aggregating to Rs. 2,627 crore, and make an open offer thereafter to increase its stake up to 56% for a total consideration Rs. 4,890 crore.

Commenting on the deal, Rajendra Pawar, chairman, NIIT Technologies Limited, said, “NIIT Technologies Limited, which became an independently listed company after demerger from NIIT Limited in 2004, has grown into one of the most innovative and trusted IT services company in India. The involvement of Baring Private Equity Asia will provide a further impetus to the management team, led by CEO Sudhir Singh, to take the company to the next level of growth.”

Vijay Thadani, vice-chairman & managing director, NIIT Limited, said, “BPEA's association will support the existing management team in capturing the opportunities in an increasingly digital world.”

NIIT Technologies also announced the signing of an agreement to acquire big data firm WHISHWORKS IT Consulting.

NIIT will initially acquire a 53% stake, with the remaining equity to be acquired over the next two years.