NEW DELHI :
NIIT Technologies said on Friday that open offer, following the acquisition of stake by Baring Private Equity Asia, is expected to commence from May 31.
Earlier this month, funds affiliated with Baring Private Equity Asia (BPEA) bought about 30% stake in mid-sized information technology services firm NIIT Technologies from NIIT Ltd and other promoter entities for about ₹2,627 crore.
The deal triggered an open offer under which BPEA is slated to make an offer to the public shareholders of NIIT Technologies for purchasing up to 26% additional shareholding -- taking the total deal value to up to ₹4,890 crore.
In a regulatory filing, NIIT Technologies told the BSE that the open offer will tentatively begin 31 May and close on 14 June.
The filing noted that the last date for filing of the draft letter of offer (DLoF) with the Securities and Exchange Board of India (Sebi) is 23 April.
NIIT Technologies said the open offer for up to 1.62 crore fully paid-up equity shares (representing 26 per cent stake) will be made by Hulst BV 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 transaction is conditional upon customary conditions, including receipt of required regulatory approvals, including anti-trust and competition clearances from the Competition Commission of India.