The Hindu Business Line : NIIT board okays spin-off scheme

NIIT Ltd on Friday said that its shareholders who hold 100 shares of Rs 10 each will get 75 shares of the same face value of the newly spun-off software company, NIIT Technologies Ltd (NTL).

According to a draft scheme of arrangement to split the software and computer education business of NIIT Ltd into two companies, the shareholders will get 50 shares of the demerged NIIT Ltd, which will focus on global education, knowledge solutions and education software.

The company in October last said that it would separate its software and computer education business by creating NTL.

The board of NIIT today approved a draft scheme of arrangement for the spin off, the company said in a notice to the Bombay Stock Exchange (BSE).

Under this scheme, the shareholders of NIIT Ltd will hold 75 per cent of the equity capital of NTL.

The remaining shares will be with a wholly owned subsidiary of NIIT Ltd.

The board of NIIT Ltd has also constituted a Committee of Directors to execute formalities associated with implementation of the scheme including necessary filings, and seeking such approvals as may be necessary.

The split will be complete after NIIT Ltd receives necessary approvals from the Registrar of Companies, the High Court and its shareholders, a company spokesman said.

NTL, the proposed software entity, will be headed by Mr Arvind Thakur, currently President of NIIT Ltd.

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