M&A
NIIT to acquire remaining 19% stake in BFSI-focuses training arm IFBI
NIIT Ltd would buy additional 19.50 lakh equity shares of Gurugram-headquartered NIIT Institute of Finance Banking and Insurance Training Ltd (IFBI) and make it a wholly-owned subsidiary. NIIT currently holds 80.72% stake in IFBI. The shares will be acquired from ICICI Bank (1.9 million shares representing 18.79 % stake) and individual shareholders (50,000 shares, 0.49 % stake). The aggregate consideration for the acquisition of shares from ICICI Bank is expected to be between INR 4.7 crore and INR 6.5 crore.IFBI, incorporated in 2006, reported a revenue of INR 56.7 crore and a net worth of INR 21.9 crore for the fiscal year 2023-24.
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