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OppenheimerFunds Inc holds 10.02% in NIIT

Our Bureau

New Delhi , Sept. 24

INVESTMENT advisor OppenheimerFunds Inc (OFI) has informed the NSE that it now holds 10.02 per cent in NIIT Ltd.

"As of the close of business on August 30, 2004 OFI had voting and/or dispositive power with respect to an aggregate 19,36,620 shares of the company's common stock on behalf of various OFI clients. Our record indicates that OFI currently holds 10.02 per cent of the outstanding shares of the company on behalf of OFI clients," NIIT Ltd informed the NSE on behalf of OppenheimerFunds recently.

As per the communiqué from OppenheimerFunds to NIIT dated September 1, 2004 the above percentage was calculated based on its understanding that NIIT has 1,93,24,640 shares of common stock outstanding.

According to the NIIT Ltd Web site, as on June 30, 2004 Indian promoters held 32.9 per cent stake. Among non-promoters, mutual funds and UTI held 7.03 per cent; banks, FIs and insurance companies held 2.65 per cent, and FIIs held 32.92 per cent.

The holding of private corporate bodies stood at 6.93 per cent, Indian public at 17.20 per cent and NRI/OCBs at 0.36 per cent.

It may be recalled that NIIT shares had gone off the trading list of stock exchanges in the second week of July 2004 to facilitate credit of new shares of NIIT and NIIT Technologies Ltd, following the spinoff of NIIT Global Solutions Business into NIIT Technologies Ltd.

NIIT Ltd shares started trading on the BSE and the NSE from August 16, 2004.

Following the spinoff, the capital has been structured in a manner that in lieu of 100 shares of Rs 10 each held by the shareholders of NIIT Ltd, they receive 50 shares of the demerged NIIT Ltd and 75 shares of NIIT Technologies Ltd.

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