Hong Kong-based private equity firm Baring Private Equity Asia is close to acquiring Indian information technology provider NIIT Technologies.

The deal, which values NIIT Technologies at over 8,500 crores rupees ($1.2 billion), expects to get financing support from four global banks.

The company said the move will trigger the mandatory open offer to buy an additional 26 percent, in a range of $18.7 to $19.9 a piece from public shareholders, taking the deal size to well over.

Baring, with a market capitalization of at $1.2 billion, could explore synergies between Indian information technology company Hexaware and NIIT.