NIIT Tech tanks 10% after promoters offload 7.4% stake

Shares of NIIT Technologies, IT software services & solutions organization, fell more than 10% intraday on Thursday after promoters Rajendra S Pawar and Vijay K Thadani sold around 44.36 lakh shares, representing about 7.4% of the company’s shares. 

According to release, the promoter group continues to own over 31% shareholding of NIIT Technologies after this stake sale. Rajendra Pawar said the proceeds of this sale would be used to fund the expansion plans of NIIT University (NU). NIIT University, a Not for Profit University, has been envisioned as a world class, global educational institution in the area of Computer Science, Bio-Technology, Management and Education Technology. At 13:36 hours IST, the share was trading at Rs 280, down 5.99%. Trading volumes increased significantly to 55,78,298 equity shares as compared to its 5-day average of 15,164 shares.
 
Market capitalisation of the company currently stands at Rs 1,679.73 crore.