NEW DELHI :
Hulst B V, which has signed a deal to acquire about 30% stake in NIIT Technologies, has received approvals from anti-trust authorities in Germany and the US for the transaction, as per a regulatory filing on Friday.
In April, Baring Private Equity Asia (BPEA) announced plans to buy about 30% stake in NIIT Tech from NIIT Ltd and other promoter entities at a price of ₹1,394 per share, pegging the transaction at about ₹2,627 crore.
Hulst B V is a company registered in the Netherlands. It is indirectly owned and controlled by funds affiliated with BPEA, according to a notice submitted to CCI.
"The purchaser (Hulst B V) has informed the company that it has received anti-trust approvals viz approval of the CCI and the anti-trust authorities in Germany and in the US," NIIT Tech said in a filing to BSE.
The deal has already received clearance from the Competition Commission of India (CCI).
The transaction will trigger an open offer under which BPEA will make an offer to public shareholders of NIIT Tech for purchasing up to 26 per cent additional shareholding, taking the total deal value to up to ₹4,890 crore.
Previously, the agreement had stipulated that "the purchaser will not undertake any trade in the equity shares of NIIT Tech from the execution of share purchase agreement (SPA) until the closing date".
"The parties have amended the SPA to remove the restriction on the purchaser to trade in the equity shares of NIIT Tech prior to the closing date subject to compliance with applicable laws and certain conditions included in the amendment letter," the filing said.
It also noted that the parties are working towards completion of other terms and conditions as mentioned in SPA. PTI SR SR ANU ANU