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Baring Private Equity Asia to acquire 30% in NIIT Tech for Rs 2,627 cr

The deal will also trigger an open offer under which BPEA will make an offer to the public shareholders of NIIT Technologies for purchasing up to 26 per cent additional shareholding

Press Trust of IndiaNew DelhiLast Updated at April 7, 2019 10:53 IST

BPEA will make an open offer to the public shareholders of NIIT Technologies for purchase of up to 26 per cent additional shareholding at a price of Rs 1,394 per share — taking the total shareholding to approximately 56 per cent.

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Funds affiliated withAsia(BPEA) will buy about 30 per cent stake in mid-sized IT services firmNIITTechnologies fromNIITLtd and other promoter entities for about Rs 2,627 crore, as per a regulatory filing.

The deal will also trigger an open offer under which BPEA will make an offer to the public shareholders ofNIITTechnologies for purchasing up to 26 per cent additional shareholding — taking the total deal value to up to Rs 4,890 crore.

In a late night filing to BSE Saturday, NIIT Technologies said funds affiliated withAsia(BPEA) have signed definitive agreements to buy about 18.85 million shares of the company (approximately 30 per cent shareholding) from NIIT Limited 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 approximately Rs 2,627 crore, it added.

This includes about 14.4 million shares of NIIT Ltd, and about 4.3 million shares held by members of families of NIIT foundersandVijay Thadani.

NIIT Ltd holds about 23 per cent stake, whilePawarand Singh with their families hold around 7 per cent shares in NIIT Technologies.

In accordance with the Securities and Exchange Board ofIndia(SEBI) regulations, BPEA will make an open offer to the public shareholders of NIIT Technologies for purchase of up to 26 per cent additional shareholding at a price of Rs 1,394 per share — taking the total shareholding to approximately 56 per cent.

The aggregate consideration for purchase of shares from promoter entities and the open offer is estimated to be up to approximately Rs 4,890 crore, it said.

In a separate filing, NIIT Technologies said the open offer for up to 1.62 crore fully paid-up equity shares (representing 26 per cent stake) will be made byHulst BValong with The Baring Asia Private Equity Fund VII, LP, The Baring Asia Private Equity Fund VII, LP1 and The Baring Asia Private Equity Fund VII, SCSp.

This transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from the Competition Commission ofIndia.

NIIT Technologies Ltdwhich became an independently listed company after demerger from NIIT Ltd in 2004, has grown into one of the most innovative and trusted IT services company inIndia.

The long-standing relationships with marquee customers, many spanning over two decades, are a consequence of a sharp focus on identified verticals including, travel,bankingand insurance and distinctive capabilities developed, NIIT Technologiessaid.

He added that the involvement of BPEA will provide further impetus to the management team led byto take the company to the next level of growth.

Vijay Thadani,and managing directorat NIIT Ltd, said BPEAs association will support the existing management team in capturing the opportunities in an increasingly digital world.

Credit Suisseacted as theexclusive financial advisorto NIIT Ltd and other promoter entities.Shardul Amarchand Mangaldas & Coacted as thelegal advisortoandRopes & Grayacted aslegal advisorsto BPEA.

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