Varkey to acquire 12 in Everonn for Rs 138.23 cr

Everonn Education will issue 12 per cent stake to Dubai-based Varkey group company Gems Education on preference basis for Rs 138.23 crore.

The board of Everonn has approved the issue of 26.18 lakh equity shares at a price of Rs 528 per share,aggregating to Rs 138.23 crore to the Varkey Group on preferential basis,Everonn said in a statement today. Everonn Education provides education services using VSAT technology in 16 states of India from pre-school to business schools. Gems Education of Varkey has international schools across 140 countries.

The board also approved a tripartite MoU between the company,Varkey Group and Everonns co-promoter SKIL Infrastructure. Varkey group will also make an open market offer to Everonn share holders in accordance with the Sebi Substantial Acquisition and Takeover Regulations,1997,the statement said. It added that Varkey Group will join Everonn as co-promoter after getting necessary approvals.