NIIT Ltd is the top gainer on the BSE. The stock, which had closed on Friday at Rs.394.85, opened today at Rs.409 and went up to an intraday high at Rs.453.90. Its 52-week high is at Rs.507.

The company announced today morning that its Board has approved the composite scheme of arrangement which would result in Corporate Learning Group (CLG) Business and Skills & Careers Group (SNC) Business to be reorganized as separate publicly listed companies.

Through a composite scheme of arrangement, the company would reduce capital in NIIT Learning Systems Limited (NLSL) and cancellation of its entire equity share capital. It would transfer and vesting of CLG Business undertaking from NIIT in to NLSL. NLSL will issue equity shares to shareholders of NIIT in the ratio of 1:1 i.e. one share of NLSL for every one share of NIIT. NLSL shares to be listed on the NSE/ BSE.

The appointed date for the demerger would be April 1, 2022 and expected completion in 12-18 months, subject to customary approval process. 

On the earnings front, for Q3FY22, the company reported a 32% (YoY) jump in consolidated net profit at Rs.55 crore on a 51% rise in revenue from operations at Rs.384 crore. EBITDA margins rose from 19% to 22%.