NIIT Technologies is trading lower by 6% at Rs 280 after its promoters offloaded around 7.4% stake in the company through open market transaction today.
“Mr Rajendra S Pawar and Mr Vijay K Thadani, the individual promoters of the company have sold around 4.44 million shares, representing 7.4% of the company’s shares,” NIIT Technologies said in a filing. However, the company has not disclosed the name of the buyers.
According to market reports, the promoters have sold shares at price of Rs 267 per share through block deals on the BSE. The promoters might raised an over Rs 100 crore, based on the block deal price.
“The proceeds of this sale will be used to fund the expansion plans of NIIT University (NU), a not for profit university. Post this, the promoter group continues to own over 31% shareholding of NIIT Technologies,” it added.
As on June 30, the promoters held 38.85% stake in the company. Blackrock India Equity Fund, Morgan Stanley Mauritius Company, HDFC Trustee Company and Life Insurance Corporation of India are among few institutional investors held more than 1% stake in the company.
The stock opened at Rs 300 and hit a low of Rs 267 on the BSE. A combined 6.8 million shares have already changed hands on the counter so far, against an average sub 250,000 shares that were traded daily in past two weeks