Eagle to merge with NIIT USA

NIIT (USA) Inc., USA ("NIIT USA") is a wholly owned subsidiary of NIIT Limited and Eagle International Institute, Inc., USA ("Eagle") is a wholly owned subsidiary of NIIT USA. The board of directors of NIIT USA and Eagle have approved the merger of Eagle with NIIT USA w.e.f. July 1, 2021 in accordance with the applicable laws.

The Board of Directors of the Company at its meeting held on June 4, 2021, has approved the proposed merger as a shareholder of NIIT USA.

The merger will strengthen NIIT's Life Sciences Practice and further integrate Go-to market, Account Management across common customers, which is expected to help convert more Eagle customers into MTS customers, increase share of wallet of Amalgamated Company.

The merger will also optimize resources to improve operational efficiency and reduce complexity and simplify entity structure for reduction in administrative overheads, given ongoing integration activities.

NIIT (USA) Inc {"the Amalgamated Company"} is a wholly owned direct subsidiary of NIIT Limited {"the Company"}. Revenue of the Amalgamated Company for financial year ended March 31, 2021: USD 59.09 mn

Eagle International Institute, Inc., USA {"the Amalgamating Company"}, is a wholly owned direct subsidiary of NIIT (USA) Inc., USA {"the Amalgamated Company"}. Revenue of the Amalgamating Company for financial year ended March 31, 2021: USD 7.71 mn.

Shares of NIIT LTD. was last trading in BSE at Rs.197.8 as compared to the previous close of Rs. 187.85. The total number of shares traded during the day was 167299 in over 2851 trades.

The stock hit an intraday high of Rs. 198.8 and intraday low of 187.6. The net turnover during the day was Rs. 32712122.

Source : Equity Bulls

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