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Baring Private Equity Asia (BPEA) has entered into an agreement to purchase approximately 30% of its interest in NIIT Technologies IT Solutions Company from NIIT Ltd and other sponsoring entities at Rs.1,394 per share .
The total consideration for the purchase of shares from Promoting Entities is estimated at 2,627 crore, NIIT Technologies said Saturday.
In accordance with the Securities and Exchange Board of India's regulations, BPEA will make an open offer to public shareholders of NIIT Technologies in order to acquire an additional 26% stake at a price of 1,394 rupees per share, the company said.
The global counterparty for the purchase of shares from promoters and in the public offer is estimated at around Rs 4,890 million on the basis of a participation of approximately 56%.
NIIT Technologies Ltd became an independently listed company after the split of NIIT Ltd in 2004.
"The involvement of Baring Private Equity Asia will give a new impetus to the leadership team led by CEO, Sudhir Singh, to bring the company to the next level of growth," said Rajendra Pawar, chairman of NIIT Technologies, in a statement.
"BPEA is pleased to invest in NIIT Technologies and we look forward to partnering with the company's management team to continue to grow the business over the next few years," said Jimmy Mahtani. , General Manager of BPEA.
–IANS
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(This story has not been changed by Business Standard staff and is generated automatically from a syndicated feed.)
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