Varkey group to buy 12% stake in Everonn for Rs 138.23cr

Everonn Education today it will issue 12% stake Dubai-based Varkey group company Gems Education on preference basis for Rs Rs 138.23 crore.

The Board of Directors of Everonn Education 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.

Everron Education provides education services using VSAT technology in 16 states of India from pre-school to business schools.

Gems Education has international schools across 140 countries.

The board also approved a tripartite Memorandum of Understanding between the company, Varkey Group and Everonn's co-promoter SKIL Infrastructure.

"The strategic investors have shown great faith and confidence in the existing management. We are confident that the Varkey Group, along with SKIL, will not only help Everonn in achieving our goals to create value to all our stakeholders but also realise our dream to become a leading global education company," Susha John, CEO and whole time director of Everonn Education, said.

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.

Shares of Everonn Education today closed at Rs 367.15, up by 4.99% from previous close on the BSE today.