Hulst BV's open offer to acquire 26% in NIIT Technologies to start from 15 July

New Delhi: NIIT Technologies on Monday said Hulst BV’s open offer to acquire an additional 26 percent stake in the company will commence from 15 July. In April, funds affiliated with Baring Private Equity Asia (BPEA) had bought about 30 percent stake in the mid-sized IT services firm NIIT Technologies from NIIT Ltd and other promoter entities for about Rs 2,627 crore. The deal triggered an open offer under which BPEA is making an offer to the public shareholders of NIIT Technologies for purchasing up to 1,62,29,173 additional shares at Rs 1,394 apiece. Hulst BV, an investment holding company registered in the Netherlands, is a part of BPEA. [caption id=“attachment_759939” align=“alignleft” width=“380”]  Representational image. PTI[/caption] In a regulatory filing on Monday, NIIT Technologies told the BSE that the open offer will begin on 15 July and close on 26 July. The last date for communicating the rejection/acceptance and completion of payment of consideration or refund of equity shares to the public shareholders of NIIT Technologies is 9 August, 2019, it added. The open offer for up to 1.62 crore fully paid-up equity shares (representing 26 percent 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 filing noted that as on the date, Hulst BV holds over 2.15 crore equity shares of the company, representing 34.58 percent of the expanded voting share capital. Between 10 May-28 June, the acquirer has picked up more than 27.3 lakh shares worth over Rs 353 crore from the open market. Shares of NIIT Technologies closed 0.74 percent lower at Rs 1,313.10 apiece on the BSE on Monday.