New Delhi-based IT company NIIT Technologies is learned to be in preliminary discussions with private equity players Carlyle and TPG to sell a majority stake. Industry sources said a strategic investor is also believed to be interested in the transaction.
Promoters currently hold 40% stake in NIIT Technologies and sources said they may sell anywhere between 25% and 40% in the company. This would trigger an open offer, where investors can buy an additional 20% in the company.
The company had earlier said that it is open to a stake sale to a financial or a strategic investor. “The company will dilute 25% out of the nearly 40% stake held by promoters to a strategic investor and this has been our position. This will naturally lead to an open offer.
With the company having a market capitalisation of Rs 1,309 crore, a 60% stake in the company will cost around Rs 1,000 crore, depending on the premium that investors are willing to pay the promoters.
Read more in The Economic Times article.
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