NIIT shares in focus as ICICI Bank sells 18.8% stake in NIIT-IFBI

Shares of NIIT Ltd are in focus on Thursday morning after the board of directors of the company acquired 1,900,000 equity shares of NIIT Institute of Finance Banking and Insurance Training Limited (IFBI), a subsidiary of the company, constituting 18.79 per cent of the aggregate issued and paid-up share capital from ICICI Bank Limited. Besides, the company purchased 50,000 equity shares of IFBI constituting 0.49 per cent of the aggregate issued and paid-up share capital from individual shareholders, NIIT said in a BSE filing.

"This is to update that the company on June 11, 2025, has acquired 1,900,000 equity shares of IFBI constituting 18.79 per cent of the aggregate issued and paid-up share capital from ICICI Bank Limited; and 50,000 equity shares of IFBI constituting 0.49% of the aggregate issued and paid-up share capital from Individual shareholders, at an aggregate consideration of Rs 62.7 million," NIIT said in its latest update.

Shares of NIIT settled at Rs 139.70 on Wednesday, down 1.95 per cent. ICICI Bank shares closed the day at Rs 1,430.30, up 0.52 per cent.

Pursuant to the aforesaid acquisition, NIIT Limited now holds 100 per cent of the aggregate issued and paid up share capital of IFBI and accordingly IFBI has become a wholly owned subsidiary of NIIT.

In another filing on stock exchanges, ICICI Bank said the bank has executed the share purchase agreement with NIIT Limited and NIIT- IFBI (SPA) today at 10.06 am in relation to the above.

"In accordance with the SPA, the bank has sold its entire shareholding of 18.8 per cent in equity shares of NIIT-IFBI to NIIT Limited for a consideration of Rs 61.1 million and consequently, NIIT-IFBI has ceased to be an associate of the bank effective today," it said.

ICICI Bank had on April 19 communicated that its board of directors had approved a proposal for sale of the bank’s entire shareholding of 18.8 per cent in NIIT-IFBI, an associate of the bank, to NIIT Limited.