Baring Private Equity Asia Acquires 30% Stake In NIIT Technologies
Following the stake transfer, the firm’s Chairman Rajendra Singh Pawar and others have resigned from their posts.
Baring Private Equity Asia has acquired 30.50 percent stake in mid-sized software services firm NIIT Technologies Ltd. for about Rs 2,627 crore, a regulatory filing said today.
Last month, funds affiliated with BPEA had signed definitive agreements to purchase 30.5 percent stake in NIIT Technologies from NIIT Ltd. and other promoter entities at Rs 1,394 per share.
In a filing to Bombay Stock Exchange Saturday, NIIT Technologies said Hulst B.V. acquired 18,848,118 equity shares of the company with face value of Rs 10 each on May 17.
The Netherlands-registered Hulst B.V. is indirectly owned by funds affiliated with BPEA.
Following the stake transfer, the firm's Chairman Rajendra Singh Pawar, Vice Chairman and Managing Director Arvind Thakur and Non-Executive Director Vijay Kumar Thadani have resigned from their positions as directors on the board with immediate effect, it added.
NIIT Technologies' promoters, which included NIIT Ltd. and the families of Rajendra Pawar and Vijay Thadani, had a total of 30.04 percent stake in the company. NIIT Ltd. directly held 23.1 percent stake.