Baring PE Asia increases open offer size for India’s NIIT Tech to 35%

Photo: Mint

Hong Kong-based Baring Private Equity Asia (BPEA) has increased the size of its open offer for NIIT Technologies Ltd to 35 per cent from 26 per cent previously, JM Financial Ltd, the manager to the open offer, said in a stock-exchange filing.

In April, BPEA had announced that it would acquire a 30 per cent stake in NIIT Technologies from its parent NIIT Ltd for about Rs 2,627 crore, triggering an open offer for additional 26 per cent stake.

The firm has decided to revised the offer size upwards from 16,229,173 equity shares, representing 26 per cent of the expanded voting share capital to 21,846,963 equity shares, representing 35 per cent of the expanded voting share capital, the filing said.

Based on the revised offer size, the maximum consideration payable under this offer (assuming full acceptance) at the offer price of 1,394 per equity share will be Rs30,45.46 crore, it added.

The open offer, which was originally scheduled for May, will now open on July 15 and close on July 20. The process got postponed due to delay in securing regulatory approvals.

NIIT Technologies Ltd became an independently listed company after demerger from NIIT Ltd in 2004. It is the second Indian IT services company where BPEA has bought a controlling stake. In 2014, it had acquired a majority stake in Hexaware Technologies Ltd.