PE funds eye NIIT Tech
PE funds eye NIIT Tech It has been learnt that, NIIT Technologies (Q, N,C,F)* is planning to sell a majority stake to the private equity players Carlyle and TPG, reports Econoimic Times. Further, a strategic investor is also believed to be interested in the transaction. Promoters currently hold 40% stake in NIIT Technologies and may sell 25%-40% in the company leading to an open offer, whereby the investors can buy an additi onal 20% in the company. >With a market capitalisation of Rs 13.09 billion, 60% stake will cost around Rs 10 billion, depending on the premium that investors are willing to pay the promoters. NIIT Technologies services customers around the world and focuses on specific industry verticals including banking, financial services, insurance, travel, retail and manufacturing. Shares of the company declined Rs 2.85, or 0.85%, to end at Rs 333.75. The total volume of shares traded was 173,903 at the BSE.(Thursday).
