CL Educate, which owns Career Launcher, has deferred its initial public offer plans as it looks to consolidate business operations that would alter its existing capital structure.
CL Educate provides educational services across the value chain including content and infrastructure. The city-based firm, which filed its initial papers with Sebi in September last year, informed the capital markets regulator about the development and has requested to withdraw the IPO documents.
In a statement, the firm said the IPO plans were postponed on account of strategic opportunities. "Our proposed acquisition will need infusion of private equity which will alter the capital structure.We also intend to restructure and consolidate some of the subsidiaries before we re-file any updated DRHP (Draft Red Herring Prospectus) with Sebi for IPO," CL Educate Founding member and Executive Director Nikhil Mahajan said.
As per the company's draft papers, CL Educate was planning to hit the capital markets with a public issue of up to 40 lakh equity shares of face value of Rs 10 each.
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