NIIT climbs 8% on report of promoters looking to exit software services biz

NIIT | Nippon Life India Trustee through various schemes of Nippon India Mutual Fund raised stake in company to 7.38 percent from 6.55 percent earlier.

NIIT shares rallied nearly 8 percent in morning on Monday after a media report indicated that promoters look to exit software services business which runs under NIIT Technologies.

The stock was quoting at Rs 84.25, up Rs 4.95, or 6.24 percent at 11:27 hours IST. NIIT Technologies also rallied as much as 3.6 percent in morning, but wiped out those gains to trade 0.12 percent higher at Rs 1,092.85 at the time of writing this article.

"The sale process for NIIT Technologies has gathered momentum with Bain Capital, Blackstone, Carlyle, Apax Partners and Advent among private equity funds that have been sounded out," The Economic Times said quoting people with knowledge of the matter.

The founder-promoters are looking to exit the company, the report added.

NIIT Technologies is the listed technology services subsidiary of NIIT which provides computer coaching and IT training.

NIIT, which was set up by Rajendra Singh Pawar and Vijay Thadani, has 23.54 percent stake in NIIT Technologies while Pawar and Thadani along with family own 2,816 shares of the software services firm.