Baring Private Equity Asia acquires 30 pc stake in NIIT Technologies
Posted on 18th May 2019 |
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| New Delhi: Baring Private Equity Asia (BPEA) has acquired 30.50 per cent stake in mid-sized software services firm NIIT Technologies Ltd for about Rs 2,627 crore, a regulatory filing said on Saturday. Last month, funds affiliated with BPEA had signed definitive agreements to purchase 30.5 per cent stake in NIIT Technologies from NIIT Ltd and other promoter entities at Rs 1,394 per share. In a filing to BSE on Saturday, NIIT Technologies said Hulst B.V. acquired 18,848,118 equity shares of the company with face value of Rs 10 each on May 17. The Netherlands-registered Hulst B.V. is indirectly owned by funds affiliated with BPEA. Following the stake transfer, the firm's Chairman Rajendra Singh Pawar, Vice Chairman and Managing Director Arvind Thakur and Non-Executive Director Vijay Kumar Thadani have resigned from their positions as directors on the board with immediate effect, it added. NIIT Technologies' promoters, which included NIIT Ltd and the families of Rajendra Pawar and Vijay Thadani, had a total of 30.04 per cent stake in the company. NIIT Ltd directly held 23.1 per cent stake. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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