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NIIT Technologies founder-promoters looking to sell stake and exit: Report

Among private equity funds, the company has reportedly sounded out Bain Capital, Blackstone, Carlyle, Apax Partners and Advent for the purpose

December 03, 2018 / 10:02 AM IST
NIIT Technologies Q1 | Profit at Rs 79.9 crore versus Rs 113.6 crore, revenue at Rs 1,057 crore versus Rs 1,109.3 crore QoQ. (Image: Moneycontrol)

NIIT Technologies Q1 | Profit at Rs 79.9 crore versus Rs 113.6 crore, revenue at Rs 1,057 crore versus Rs 1,109.3 crore QoQ. (Image: Moneycontrol)

 
 
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The founder-promoters of NIIT Technologies are looking to sell their stake and exit the mid-tier technology services company, according to a report by The Economic Times.

Among private equity funds, the company has reportedly sounded out Bain Capital, Blackstone, Carlyle, Apax Partners and Advent for the purpose.

The first round of non-binding offers is due next week, the newspaper reported, citing multiple sources.

NIIT Technologies' parent NIIT owns 23.54 percent of the total 30.61 percent that could be acquired by an outside entity.

The transaction will also allow bidding for an additional 26 percent of the company, which could mean the new owner acquiring a stake of more than 51 percent in NIIT Technologies, the news daily reported.

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After years of underperformance, NIIT Technologies' business has been performing well after a change of CEO last December.

The stock has also done well compared to its peers in the mid-tier IT services segment, which is why the founders want to sell their stakes, ET reported.

Credit Suisse has been asked to find a potential buyer, the business daily reported.

NIIT Technologies has denied comment on the matter to ET and called the news unsubstantiated.
Moneycontrol News
first published: Dec 3, 2018 10:02 am
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