Baring Private Equity Asia to pick 30% stake in NIIT Tech for Rs 2,627 cr

NIIT Tech was hived off from corporate and vocational training firm NIIT in 2004

Funds  affiliated with Baring Private Equity Asia (BPEA) will acquire a 30 per cent stake in mid-sized information technology services company NIIT Technologies for about Rs 2,627 crore, the entities said in a joint statement. 

The Asia-focused private equity firm has signed the agreement at a price of Rs 1,394 a share. It will also make an open offer to the public shareholders of NIIT Tech to buy up to 26 per cent additional shareholding at the same price per share, taking the deal value to up to Rs 4,890 crore or $709 million for about 56 per cent stake.