NIIT shares hit 20% upper circuit after Ramesh Damani acquires stake

NIIT shares climbed 20% to a day’s high of Rs 153.84 on the NSE after ace investor Ramesh Damani acquired a 0.59% stake in the education company, valued at Rs 10.02 crore, through an open market transaction.

Over the past two trading sessions, NIIT’s stock price has soared by 29%, rising from Rs 119.08 on Thursday, August 22, to its current level. This sharp increase reflects growing investor confidence in the company’s prospects, fueled by Damani’s recent investment.

On Friday, Damani purchased 8 lakh equity shares of NIIT at Rs 127.55 per share via a bulk deal on the NSE, according to exchange data. The identities of the sellers involved in the transaction have not been disclosed.

As of the company’s shareholding pattern for the quarter ending June 2024, Damani held no previous stake in the company.

Additionally, on August 22, NIIT’s promoters, the Thandani Family Trust and the Pawar Family Trust, also increased their stake in the company. The trusts, through their respective trustees Vijay Kumar Thadhani and Rajendra Singh Pawar, acquired a combined 3.54 million equity shares, representing 2.62% of NIIT’s total equity.The shares were purchased at Rs 118 each through open-market transactions.According to the shareholding data available with the exchanges for the quarter ending June 2024, 34.6% of the company’s equity is held by the promoters and the promoter group, while the remaining 65.4% is held by public shareholders.NIIT is a global leader in skills and talent development, offering comprehensive training and development solutions to individuals, corporations, and institutions. Founded in 1981, the company provides a range of services, including IT training, business process outsourcing, and corporate learning solutions.

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Operating across several continents, NIIT serves a diverse clientele, including major corporations and government agencies. The company focuses on enhancing employability and driving business performance through innovative educational programs.

The shares of the company ended at Rs 153.84 at close of trade.

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