NIIT Tech to go public in Sept

By siliconindia   |   Wednesday, 30 June 2004, 07:00 Hrs
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NEW DELHI: Come September and NIIT Technologies, the software solutions arm of NIIT, will be listed on the stock markets with the group issuing 75 shares of NIIT Technologies and 50 shares of the demerged NIIT Ltd for every 100 shares held in NIIT.

The Group also plans to invest Rs 100 crore for expansion of current businesses which includes a University and additional software development and BPO centres.

The software education company, which expects its order book to grow by 122 million US dollars, will develop software for companies in the financial services, retail and transport sectors.

In the first financial year March 31,2004, NTL had recorded consolidated revenues of Rs 484.5 crore from operations. During the same period it also reported an operating profit of Rs 70.5 crore and profit after tax of Rs 34.47 crore. A sum of Rs 36.24 crore was provided for depreciation and Rs 6.7 crore for taxation.

The company has a staff strength of more than 2000 and will expand its business to retail, airlines, manufacturing, transportation and financial services in the coming few months, NIIT Technologies CEO Arvind Thakur said.

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