NIIT promoters sell stake to fund university

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. HT reports.

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.

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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.