INSUBCONTINENT EXCLUSIVE:
New Delhi: NIIT Technologies said Friday that open offer, following the acquisition of stake by Baring Private Equity Asia, is expected to
commence from May 31.
Earlier this month, funds affiliated with Baring Private Equity Asia (BPEA) bought about 30 per cent stake in
mid-sized information technology services firm NIIT Technologies from NIIT Ltd and other promoter entities for about Rs 2,627 crore.
The
deal triggered an open offer under which BPEA is slated to make an offer to the public shareholders of NIIT Technologies for purchasing up
to 26 per cent additional shareholding -- taking the total deal value to up to Rs 4,890 crore.
In a regulatory filing, NIIT Technologies
told the BSE that the open offer will tentatively begin May 31 and close on June 14.
The filing noted that the last date for filing of the
draft letter of offer (DLoF) with the Securities and Exchange Board of India (Sebi) is April 23.
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 by Hulst BV along 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.
The transaction is
conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances
from the Competition Commission of India.
