Baring PE to buy out NIIT Tech’s founder promoters for Rs 2,627 cr

Mumbai/Bangalore: Baring Private Equity (Asia) has agreed to buy out the founder promoters of mid-seized IT services firm NIIT TechnologiesNSE -2.92 % for Rs 2,627 crore. The Hong Kongbased private equity group signed a definitive agreement to purchase approximately 18.85 million NIIT Technologies shares from NIIT Ltd and other promoter entities, representing 30.6 per cent of the company at Rs 1,394 per share, it said in a late night announcement on Saturday, cementing a larger consolidation in the mid-tier IT services space.