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Baring Private Equity to acquire 30% stake in NIIT Technologies

The aggregate consideration for the purchase of shares from promoter entities is estimated to be approximately Rs 2,627 crore, NIIT Technologies said.

Private equity firm Baring Private Equity Asia (BPEA) has signed an agreement withNIIT Technologies Limitedto buy approximately 30 percent shareholding on a fully diluted basis in NIIT Technologies from NIIT Limited and other promoter entities at a price of Rs 1,394 per share, the IT firm said.

The aggregate consideration for the purchase of shares from promoter entities is estimated to be approximately Rs 2,627 crore, NIIT said.

CNBC-TV18 first reported about the deal on February 21.

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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 percent additional shareholding at a price of Rs 1,394 per share. The aggregate consideration for purchase of shares from promoter entities and the open offer is estimated to be up to approximately Rs 4,890 crores based on ownership of approximately 56 percent stake, it said.

The deal is subjected to various regulatory approvals.

The involvement of Baring Private Equity Asia will provide further impetus to the management team led by CEO, Sudhir Singh to take the company (NIIT Technologies) to the next level of growth, said Rajendra Pawar, chairman, NIIT Technologies.

BPEA is pleased to be investing in NIIT Technologies. We look forward to partnering with the companys management team to continue to build the business over the coming years, said Jimmy Mahtani, managing director of the company.

In addition, NIIT Technologies has also signed an agreement to acquire Whishworks IT Consulting. NIIT Technologies will acquire a 53 percent stake initially, with the remaining equity to be acquired over the next two years through pay-outs linked to financial performance, it said.

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