Buyout fund Baring Private Equity Asia is said to be closing in on the stakes of founder promoters Rajendra Singh Pawar and Vijay Thadani in NIIT Technologies, which they founded in 2004, as consolidation in the midtier information technology space takes centre stage once again.
Baring, which already owns a controlling 63.22 per cent stake in Hexaware TechnologiesNSE 2.35 %, is bidding on a standalone basis and is negotiating with global banks such as Standard Chartered, Nomura, ING, Credit Suisse and Deutsche Bank for financing support of around $100-125 million for the transaction, said several people aware of the matter.
Since late last year, the sale process of NIIT Technologies, the listed technology services arm of NIIT Ltd, has gathered momentum.
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