NIIT Ltd shares traded ex-demerger date on June 8 following the hive-off of its corporate learning business NIIT Learning Systems. NIIT had transferred its corporate learning business to NIIT Learning Systems in May.
The shareholders will get one NIIT Learning Systems share for each share of NIIT held.
NIIT (demerged) achieved a net profit of Rs 3.20 crore for FY23 with a 36 percent increase in revenue to Rs 341.30 crore while NIIT Learning Systems reported a net profit of Rs 192.20 crore for FY23 with revenue up 20 percent to Rs 1,361.80 crore.
Chairman and Co-founder of NIIT Group, Rajendra S Pawar, said “The NIIT group post demerger emerged as a stronger and more dynamic organisation, unlocking growth and value for its customers, shareholders, and stakeholders. NIIT is poised to realise its true potential through the creation of two independently run businesses with significant growth capital.”
The now demerged NIIT will focus on the skills and careers business and the NIIT Learning Systems would look after the corporate learning business. The transferee company emerged strong having added 12 global managed training services contracts, two expansion, and 13 extensions of contracts.
In a filling to the BSE, the NIIT stated, “Accordingly, upon the scheme becoming effective, the existing exercise price of all the stock options for the option holders in the company granted under NIIT ESOP 2005 has been adjusted between NIIT Limited and NIIT Learning Systems Limited, in terms of the scheme.”
At 14:30 pm, the share is currently trading at Rs 96.75.