Veranda Learning
Veranda Learning to raise Rs. 300 crores via preferential Issue
Chennai/IBNS: Veranda Learning Solutions Ltd, a public listed EdTech company (BSE: 543514, NSE: VERANDA), announced that its board of directors on Sept 14 approved a preferential issue to raise Rs 300 crores.
This would be subject to the approval of shareholders at the ensuing EGM on Oct. 6 the compay said.
The issue includes an investment of Rs 61.40 crores to be subscribed by the promoters in the form of convertible warrants.
The fundraise is through a mix of preferential offer of equity shares and convertible warrants both at a price of Rs 307 per share.
Each warrant is convertible into one equity share and the conversion can be exercised at any time within a period of 18 months from the date of allotment.
In the total consideration for convertible warrants, 25 percent will be payable at the time of application.
It may be recalled that the company has secured approvals from the shareholders at the Extra Ordinary General Meeting (EGM) held on May 27, 2022, to raise debt in the form of NCDs/ Bonds and other instruments up to Rs 1,000 crore.
This debt and equity fundraise together would be used to fuel organic growth through acquisitions.
Veranda Learning Solutions Chairman and ED Kalpathi S. Suresh said, “We are building an eco-system to strengthen our offerings through a judicious mix of high-quality content propelled by cutting edge technology which we believe will take Veranda to greater heights.”
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