MT Educare locked at 5% upper circuit post open offer by Zee Learn

Shares of MT Educare has locked at 5 percent upper circuit on Thursday as Zee Learn made an open offer to acquire stake in the company.

There were pending buy orders of 366,202 shares, with no sellers available.

Zee Learn made an open offer to acquire 1.86 crore equity shares (26 percent) of Rs 10 each in MT Educare at Rs 72.76 per share, payable in cash.

Zee Learn has entered into share subscription agreement to acquire 3,19,64,200 equity shares of MT Educare on preferential allotment basis.

Zee Learn will be holding 44.53 percent stake in MT Educare post the said preferential issue of 3.19 crore shares.

On February 14, Amitabh Sonthalia sold 2,00,000 shares of MT Educare at Rs 71.15 and India Max Investment Fund sold 3,00,000 shares at Rs 71.15 on the NSE.

However, Rajasthan Global Securities bought 4,40,000 shares at Rs 71.15.

The company has posted loss of Rs 90 crore in the quarter ended December 2017 against loss of Rs 2.44 crore in a year ago period.

Finance Minister Arun Jaitley in his Budget 2018 speech announced about launching of 'RISE' programme for revitalisation of infra and education systems and allocated total investment of Rs 1 lakh crore for RISE.

At 09:16 hrs MT Educare was quoting at Rs 74.55, up 5 percent and Zee Learn was quoting at Rs 46.85, up 5.28 percent on the NSE.