Veranda Learning Allocates 20 Lakh Shares to Promoters at 70% Premium

• ByStartupStory     |    April 30, 2024

Veranda Learning, a prominent education firm based in Chennai, has announced the allocation of 20 lakh equity shares to its promoters at Rs 307 per share, representing a significant 70% premium over the closing price on April 26, 2024. This strategic move follows the conversion of 20 lakh warrants, with a balance amount of Rs 46.05 crore, equating to 75% of the warrant issue price paid on the same day.

The Allotment Committee, in its meeting held on April 26, 2024, approved the allotment of these equity shares, emphasizing the company’s strengthened net worth and enhanced liquidity. Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions, expressed confidence in the company’s growth potential, stating, “The strategic decision to exercise warrants at Rs 307 per share reflects the inherent strength of the company’s business and the promoters’ confidence in the company’s growth potential.”

Veranda Learning has been actively pursuing expansion and consolidation strategies. Recently, the company announced its acquisition of Kerala-based Logic Management Training Institutes Pvt. Ltd., aligning with its vision to build a robust educational ecosystem. These developments closely follow Veranda Learning’s successful debt funding round, raising Rs 425 crore through non-convertible debentures from BPEA Investment Managers Pvt Ltd. This capital injection is intended to finance acquisitions, refinance existing loans, and bolster working capital requirements to support the company’s growth trajectory.

Founded in 2018 by the Kalpathi AGS Group, Veranda Learning Solutions is a publicly-listed education company offering a diverse range of training programs for competitive exam preparation and professional skilling.

The upcoming acquisitions are expected to complement the Veranda ecosystem and are slated for completion within the first half of FY24-25, positioning Veranda Learning for accelerated growth in the competitive education sector.

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