Baring Private Equity Asia Ltd will acquire NIIT Technologies
, a subsidiary of NIIT Ltd
for a sum of Rs10,000cr, according to media reports.
The Hong Kong based private equity firm will first purchase a 30.58% stake. It may buy 30.58% share for Rs2,500cr, a person with knowledge of the development said.
NIIT has appointed Credit Suisse to find a suitable buyer, two persons requesting anonymity said. The stake purchase will lead to an open offer. Baring Asia can, thus, purchase the remaining shares and gain control of the company.
“The deal will come at a premium for the shareholders of NIIT Technologies and will value the company at ₹8,000-10,000cr,” the person aware of the matter added.
Post the buyout, Baring PE Asia will merge NIIT Technologies and Hexaware Technologies to create an IT services company.
Post the acquisition, Baring PE Asia also plans to merge NIIT Technologies with Hexaware Technologies Ltd to create an IT services company.
NIIT Technologies Ltd is currently trading at Rs1,220.70 up by Rs12.25 or 1.01% from its previous closing of Rs1,208.45 on the BSE.
The scrip opened at Rs1,224.80 and has touched a high and low of Rs1,229 and Rs1,207 respectively. So far 5,74,259 (NSE+BSE) shares were traded on the counter.