The NIIT LTD Board has approved the purchase of additional capital shares of 19.50 LAKH of the NIIT Institute of the Institute of Finance and Training of Insurance LTD (IFBI) to fully acquire the subsidiary, according to a exchange filling.
Niit has an 80.72 percent participation in IFBI, and after the mentioned acquisition, IFBI will become its absolute property subsidiary, according to the presentation.
The shares will be acquired from Icici Bank Limited (1.9 million shares, 18.79 percent participation) and individual shareholders (50,000 shares, 0.49 percent of participation).
The aggregate consideration for the acquisition of icici bank shares is expected to be very well committed to 4.7 million rupees and RS 6.5 million rupees.
The acquisition is expected to be completed before September 30, 2025, according to Saturday filling.
“As a strategic commercial decision, Niit Limited agreed to acquire 1,900000 IFBI capital shares of IFBI Bank Limited and 50000 IFBI shares of individual shareholders,” said the presentation.
IFBI, incorporated in 2006 and based in Gurgaon, an income of ₹ 56.7 million rupees and a net assets of ₹ 21.9 million rupees for fiscal year 2023-24 reported.
Posted on April 20, 2025