New Delhi, Dec. 26 (PTI): The NIIT board today approved a draft scheme of arrangement to spin off the company’s software solutions business into a separate company that will be called NIIT Technologies (NTL).

After the scheme runs its course, 75 per cent of NTL’s share capital will be held by the shareholders of NIIT Limited; the balance 25 per cent shall be retained by the demerged NIIT through a wholly-owned subsidiary.

“Every 100 shares held by NIIT investors will be swapped for 50 of demerged NIIT and 75 of NTL, both with face-value of Rs 10,” the company said here.

A committee of directors has been formed to execute formalities associated with the implementation of the scheme, including necessary filings and seeking all approvals required under the law.