NIIT Tech: the open offer of Hulst BV for NIIT Tech will start from July 15

New Delhi, July 8 () NIIT Technologies said Monday that the open offer of Hulst BV to acquire an additional 26 percent stake in the company will begin on July 15.

In April, the affiliated funds of Baring Private Equity Asia (BPEA) bought about 30 percent of the share in the medium-sized IT services company NIIT Technologies of NIIT Ltd and other promoting entities for approximately Rs 2,627 million.

The agreement triggered an open offer under which BPEA is making an offer to public shareholders of NIIT Technologies for the purchase of up to 1.62,29,173 additional shares at Rs 1,394 each.

Hulst BV, an investment holding registered in the Netherlands, is part of BPEA.

At a regulatory filing on Monday, NIIT Technologies told BSE that the open bid will begin on July 15 and close on July 26.

The last date to communicate the rejection/acceptance and finalization of the payment of the consideration or the reimbursement of capital shares to the public shareholders of NIIT Technologies is August 9, 2019, he added.

Hulst BV will make the open offer of fully paid share capital of up to Rs.162 million (representing 26 percent), along with the Baring Asia Private Equity Fund VII LP, the Baring Asia Private Equity Fund VII LP1 and The Baring Asia . Private Equity Fund VII SCSp.

The presentation noted that, as at the date, Hulst BV owns more than 2.15 shares of capital of the company, representing 34.58 percent of the share capital with an expanded vote.

Between May 10 and June 28, the acquirer acquired more than 27.3 lakh shares for a value higher than Rs 353 million in the open market. NIIT Technologies shares closed down 0.74 percent at Rs 1,313.10 each on the BSE. SR RVK RVK