NEW DELHI: NIIT Ltd’s board has approved the purchase of an additional 195,000 shares of the subsidiary’s NIIT Financial Banking and Insurance Training Co., Ltd. (IFBI). The document states that NIIT holds 80.72% of IFBI’s shares and that after the above acquisition, IFBI will become its wholly-owned subsidiary.
The shares will be taken from ICICI Bank Limited (1.9 million shares, 18.79% shares) and individual shareholders (50,000 shares, 0.49% shares).
The overall considerations for the acquisition of stocks from ICICI Bank are expected to be between Rs 47 crore and Rs 65 crore.
According to Saturday’s documents, the acquisition is expected to be completed on September 30, 2025.
“As a strategic business decision, NIIT Limited has agreed to obtain 1,900,000 shares of IFBI and 50,000 shares of IFBI from ICICI Banking Co., Ltd.”
Founded in 2006, IFBI is headquartered in Gurgaon and reported revenue of Rs 567 crore and net assets of Rs 219 crore for fiscal 2023-24.
