NIIT says no change in founders' stake in NIIT Tech

MUMBAI (Reuters) - There was no specific transaction to report and no change in founder's stake in NIIT Technologies Ltd., a senior official of NIIT Ltd said on Monday.

Earlier in the day, the Economic Times had reported that promoter NIIT, was looking to sell its 25 percent stake in NIIT Technologies to a strategic investor.

"By design, at the time of demerger, NIIT continued to hold 25 percent stake in NIIT Tech with a vision to attract strategic partners, if required, to help NIIT Tech with its next level of growth. There is no change in that position and no specific transaction to report," NIIT chief executive officer Vijay K. Thadani said in a statement.

NIIT Tech was formed by spinning off NIIT's software division.

Shares in NIIT Tech were up 7.5 percent at 438.95 rupees and those in NIIT Ltd. were up 2.2 percent at 132.70 rupees in the Mumbai market.

"Our position has been that the promoters will dilute 25 percent out of the nearly 40 percent stake held by them to a strategic investor," the paper quoted NIIT Technologies CEO Arvind Thakur as saying.

He told the paper that the founders were not in discussions with any investors now.

The paper, quoting sources, said the company has initiated discussions with investment bankers for the possibility of a stake sale to a global IT company.

The BSE Web site showed that as on June 30, 2007, promoters held 39.69 percent stake in NIIT Tech.