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This is an archive article published on November 29, 2011

Educomp Solutions soars over 16

Educomp Solutions surged after the company said that a bank has sanctioned Rs 410 cr.

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Educomp Solutions shares on Monday surged over 16 per cent after the company said that a leading public sector bank has sanctioned Rs 410 crore.

8220;Educomp Solutions has received a sanction towards buyout of its out of its receivables from one of the leading public sector banks. The gross amount of the sanction is Rs 410 crore. The sanction comes at a limited recourse of 20 per cent,8221; Educomp said in a filing to the BSE.

During the day,shares of the company surged 16.8 per cent to Rs 218.90 a piece. The shares later closed at Rs 217.40,up 16.01 per cent from the previous closing on the BSE.

The company is also expecting sanctions from other banks towards the securitisation programme in due course,it added.

8220;This validates the acceptance of our securitisation program at reduced recourse as well as high credit of school receivables,8221; it added.

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