NIIT disinvests subsidiary for Rs 32 cr

IT training company NIIT on Thursday said it has sold its entire stake in wholly owned subsidiary Neo Multimedia Ltd to Earth Infrastructures for Rs 32 crore.

“Under the share-purchase agreement executed between the company and Earth Infrastructures,the company has transferred the entire holding in its non-operating wholly owned subsidiary Neo Multimedia to Earth Infrastructures for a total of Rs 32 crore which has now been received,” NIIT said in a filing to the Bombay Stock Exchange.

In February this year,the board of directors of NIIT had approved the disinvestment of Neo Multimedia Ltd (formally known as NIIT Multimedia Ltd) and authorised the officials of the company to negotiate and execute the share purchase agreement with intended buyer.

The computer-training institution’s directors have resigned from Neo Multimedia.

Shares of NIIT today settled at Rs 56.75 on BSE,up 5.19 per cent from the previous close.