BPEA to Acquire 30 Percent Stake in NIIT Technologies for USD379 Million
Posted On: 10 Apr 2019 | Source(s): NIIT Technologies
Asia-focused alternative asset manager Baring Private Equity Asia (BPEA) has agreed to invest INR26 billion (approximately USD379 million) for a 30 percent stake in NIIT Technologies, an India-listed information technology group. BPEA will purchase 18.85 million shares of the company at a price of INR1,394 (USD20.11) per share from NIIT Technologies’ parent company NIIT and other promoter entities. BPEA will also make an open offer to purchase up to an additional 26 percent stake in NIIT Technologies from the company’s public shareholders at the same share price, which would bring BPEA’s aggregate outlay to INR48.9 billion (approximately USD706 million). The transaction is subject to customary closing conditions.