NIIT rises, NIIT Tech falls

NIIT Ltd briefly touched the 20% UC today at Rs.114.50 and continues to remain pretty strong. On the other hand, NIIT Tech hit an intra day low at Rs.1308, down over 3%.

NIIT Tech announced on Saturday that a fund affiliated with Baring Private Equity (Asia), have signed definitive agreement to purchase approximately 18.85 million shares representing 30% stake in NIIT Tech from NIIT  and other promoter entities.

This stake buying from NIIT is being done at a price of Rs.1394/share and the  aggregate consideration for purchase of shares from promoter entities is estimated to be approximately Rs 2,627 crore.

The Fund will also make an open offer to the public shareholders of NIIT Tech to buy up to 26%  additional shareholding at the same price of Rs.1394/share, taking the deal value to up to Rs 4,890 crore or $709 million for about 56% stake.