Moneycontrol Bureau
Shares of Everonn Education rallied 20 percent intraday Wednesday ahead of conversion of loan into equity to promoters.
"The board of directors, on August 18, has proposed the conversion of loan into equity by preferential allotment of equity shares to the promoter group," said the education services provider.
Promoter holds 61.94 percent equity stake in the company as per the latest shareholding pattern available on exchanges against 62.15 percent in March quarter 2015 and 64.82 percent in December quarter 2014.
For the quarter ended June 2015, the company has posted a loss of Rs 13.5 crore against loss of Rs 28.7 crore in March quarter and Rs 18.2 crore in the year-ago period. Revenue dropped 29.7 percent year-on-year (up 3.8 percent sequentially) to Rs 6.07 crore during the quarter.
In filing on August 14, Everonn said it has an investment of Rs 254.56 crore in its subsidiaries and has also extended loans & advances of Rs 150.66 crore to these subsidiaries/associates as of June 2015.
At 11:45 hours IST, the scrip of Everonn Education was quoting at Rs 32.70, up Rs 5.15, or 18.69 percent amid high volumes on the Bombay Stock Exchange.Posted by Sunil Shankar Matkar
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