Varkey Group to acquire additional 20 per cent stake in Everonn
24 Sep 2011
Dubai-based Varkey Group says it would acquire a further 20 per cent stake in India's Everonn Education through an open offer.
The company says it would buy about 44.8 million additional shares at Rs528 per share, or Rs237 crore, the company said in a public announcement today.
The group, on Tuesday, acquired 12 per cent (26.18 lakh) equity shares through its education arm Gems Education in the Chennai-based education company, through a preferential allotment, for Rs138 crore. (See: Everonn to sell stake to Varkey Group for Rs 138 crore)
Yesterday, it issued an open offer for acquisition of 44.83 lakh equity shares from Everonn's shareholders of face value of Rs10 at a price of Rs528 a share, aggregating to Rs236.73 crore. The group intends to acquire a 30-35 per cent stake in Everonn.
The acquisition of shares would make it Everonn's largest shareholder with a 32-per cent stake in the company. The offer which it to open 16 November would close on 5 December .
The Varkey group said Everonn was one of the leaders in preparation of content and distance education as reasons for the acquisition in the offer document.
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