At 1.40PM, NIIT share price is trading above 4 per cent at Rs. 82.50. The stock volume spurted by more than 3.42 times.
NIIT, the Training and skills development firm informed that it will buy out the 10 per cent share held by NSDC in NIIT Yuva Jyoti (NYJ) for Rs 2.85 crore in cash. It has agreed to attain 23,13,240 equity shares of NIIT Yuva Jyoti, which constitutes 10 per cent of the paid-up share capital of NYJ, from National Skill Development Corporation (NSDC) for an aggregate cash consideration of Rs 2,85,08,139.
The company holds 90 per cent stake in NYJ and after the acquisition, NYJ will turn to be a wholly-owned subsidiary of the city-based firm. It further added this is in line with the revised working arrangement agreed between NYJ and NSDC. NIIT's Digital Transformation initiative using an asset light strategy has resulted in lower project costs and NYJL will therefore not be seeking further financial assistance from NSDC for this venture. NIIT and NYJ will continue to partner with NSDC to develop skilled workforce across multiple sectors.
In September 2011,NIIT had formed a joint venture with NSDC in order to train around 70 lakh youth by 2022, offering job-oriented training in semi-urban and rural areas. NIIT share price has a face value Rs. 2 and has touched a 52 week high of Rs. 107.95 on 20th Sep ’16 and a 52 week low of Rs. 67.40 on 12th Feb ’16.
NIIT is analyzed by Dynamic Levels as the top 500 performing stocks for this quarter among the 1700 stocks which are listed on the NSE.
In order to know about the support and resistance levels of the scrip and also its fundamentals and financials, please a pay a visit to NIIT share price history.
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