Veranda Learn to raise Rs. 300 crores via preferential issuance – India Education | Latest Education News | World Education News

New Delhi: Veranda Learning Solutions Limited (“Veranda”), a publicly traded EdTech company (BSE: 543514, NSE: VERANDA), has announced that the Board of Directors at its meeting on September 14, 2022 has approved subject to shareholder approval at the subsequent EGM on October 6, 2022, a preferential issue to raise Rs 300 crores. This increase includes an investment of Rs. 61.40 crores to be subscribed by the promoters in the form of convertible warrants.

The fundraising is through a combination of preferential share offerings and convertible warrants at a price of Rs. 307 per share. Each warrant is convertible into 1 share of capital and the conversion can be exercised at any time within 18 months from the date of allocation. 25% of the aggregate consideration for the Convertible Warrants will be payable at the time of demand.

It should be recalled that the Company obtained shareholder approval at the Extraordinary General Meeting held on May 27, 2022 to raise debt in the form of NCDs/bonds and other instruments up to 1000 cr. This debt and equity fundraising would be used to fuel organic growth through acquisitions.

Speaking about the fundraising, Mr. Kalpathi S. Suresh, President and Chief Executive Officer of Veranda Learning Solutions, said, “We are delighted with the response to the private placement and the success of the fundraising puts Veranda in a unique position. with the war chest needed to fuel the next stage of growth. At Veranda, our goal is to provide the highest quality education possible at an affordable price. To that end, we’re building an ecosystem to empower our offerings with a thoughtful mix of high-quality content powered by cutting-edge technology that we believe will take Veranda to new heights.

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