Comments
The Competition Commission said on Friday it has cleared Baring Private Equity Asia’s 30 per cent stake purchase in mid-sized IT services firm NIIT Technologies in a Rs 2,627-crore deal.
The acquisition will trigger an open offer under which Baring Private Equity Asia (BPEA) will make an offer to 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 tweet, the Competition Commission of India (CCI) said it “approves acquisition of share capital of NIIT Technologies Ltd by Hulst B.V.”
Hulst B V is a company registered in the Netherlands. It is indirectly owned and controlled by funds affiliated with BPEA, according to the notice submitted to the CCI.
Earlier this month, the IT firm had said funds affiliated with BPEA have signed definitive agreements to buy about 18.85 million shares of the company from NIIT Ltd and other promoter entities at a price of Rs 1,394 per share.
This includes about 14.4 million shares of NIIT Ltd, and about 4.3 million shares held by members of families of NIIT founders Rajendra Pawar and Vijay Thadani.
NIIT Ltd holds about 23 per cent stake, while Pawar and Singh with their families hold around 7 per cent shares in NIIT Technologies.
Deals beyond a certain threshold require clearance from the fair trade regulator.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.