Rajendra S Pawar and Vijay Thadani, co-promoters of NIIT Technologies, have sold 4.44 millions shares to raise about Rs. 120 crore for funding a new university they have set up. The promoter group now holds 31% in NIIT Tech.
The stocks were sold at Rs. 267 per share, significantly lower than Wednesday's closing price of Rs. 298.
The company's stock plunged 10% before settling 5.2% down at Rs. 283 on the BSE on Thursday.
Pawar said the proceeds will be used to fund the expansion of NIIT University.