Shares of NIIT will turn ex-date for demerger on Thursday. The company had announced a composite scheme of arrangement wherein the training company transferred its corporate learning business to new company NIIT Learning Systems. It got effective from May 24.
Shareholders of NIIT will get one share of NIIT Learning Systems for each share of NIIT when the latter gets listed on stock exchanges.
Today is also the record date for the corporate action, which means the company will check its records to identify the eligible shareholders of NIIT, who would be allotted shares by NIIT Learning Systems pursuant to the scheme of arrangement.
NIIT will focus on the skills & careers business while would operate the corporate learning business while NIIT Learning Systems would take care of corporate learning business.
NIIT Learnings Systems reported a profit after tax of Rs 192.20 crore for FY23. It revenue for the year was up 20 per cent at Rs 1,361.80 crore. Ebitda margin for the quarter stood at 23.2 per cent. NIIT Learnings Systems added 12 global managed training services contracts for the year, did two contract expansion and 13 contract extensions.
On the other hand, NIIT's profit (demerged) for the year stood at Rs 3.20 crore. Its revenue rose 36 per cent YoY to Rs 341.30 crore.
On May 29, Chairman and Co-founder of NIIT Group Rajendra S Pawar said NIIT group post demerger emerged as a stronger and more dynamic organisation, unlocking growth and value for its customers, shareholders and stakeholders. NIIT, he said, is poised to realise its true potential through the creation of two independently run businesses with signiifcant growth capital.
In a filing to BSE, NIIT said: "Pursuant to the scheme, all option holders holding stock options, already granted by the company prior to the effective date to its employees under the NIIT ESOP Scheme 2005 shall be issued equivalent number of stock options (in the ratio - 1:1) by Transferee Company under its New ESOP Scheme (as explained in Scheme)."
"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, in the enclosed manner," it said.
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