NIIT Technologies debuts at the bourses

MUMBAI: NIIT Technologies, the de-merged arm of NIIT got listed at Rs 162 on NSE today, the scrip surged to Rs 189.05 in just a few minutes of trade.






On the BSE the scrip saw a high of 195.60 and at 1.30 pm it was trading at 189.15





NIIT shares had gone off the trading list of stock exchanges in the 2nd week of July 2004 to facilitate credit of new shares of NIIT and NIIT Technologies Limited. This follows the spin off of NIIT Global Solutions Business into NIIT Technologies Limited.





The capital has been structured in a manner that in lieu of 100 shares of Rs 10 each held by the shareholders of NIIT Limited; they receive 50 shares of the de-merged NIIT Limited and 75 shares of NIIT Technologies Limited, both of the face value of Rs 10 each.





In the 12-month period ended March 31, 2004, NIIT Limited, the Global Learning Solutions Company, reported global System-wide revenues of Rs 574.9 crore with an Operating Profit of Rs 23.8 crore. NIIT shareholders had approved the payment of an enhanced dividend of Rs 5 on every share of the face value of Rs 10 each at the AGM held on July 28, 2004.





In the quarter ended June 30, 2004 NIIT's Global System-wide revenues recorded a 10 percent YOY improvement to Rs 152 crores. The Consolidated Net Profit from the Learning Business grew twelve-fold to Rs 7.5 crore. The Net Profit after accounting for share of profit of associates stood at Rs 10.9 crores reflecting an EPS of Rs 5.60. NIIT Limited has an equity capital of Rs 19.3 crores comprising of 1.93 crore shares of Rs 10 each and reserves of Rs 250 crores.





NIIT's overseas operations contributed Rs 81.2 crores representing 53% of the global System-wide revenues with the remaining 47 percent coming from its Learning Business in India. The Individual Learning segment in India contributed Rs 39.6 crore, while the India Institutional business contributed Rs 31.2 crore.