Varkey Group to buy 20 percent more stake in Everonn Education

New Delhi: Dubai-based Varkey Group today said it will acquire 20 percent more stake in India’s Everonn Education through open offer for a total consideration of Rs 237 crore.

The company will buy about 4.48 crore additional shares at price of Rs 528 a piece, aggregating to a total of Rs 237 crore, it said in a public announcement.

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The open offer will begin on 16 November and closes on 5 December, it added.

Meanwhile, in a separate announcement Varkey group said that it has further consolidated stake in Everonn Education by acquiring 1.38 percent stake, or 2.66 lakh shares, for Rs 421.29 a piece, taking the total to over Rs 11 crore through open market transaction.

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Earlier this week, Varkey Group, which has interests in the educational sector through GEMS Education brand, agreed to buy a 12 per cent stake in Everonn Education for Rs 138 crore through a preferential share allotment.

The group is already holding a separate 8.04 lakh shares representing 4.19 per stake in Everonn Education.

According to Sebi’s regulatory rules, a company that acquires 15 per cent or more of another company shares needs to make an open offer to buy an additional 20 per cent stake.

Everonn 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.

Shares of the Indian company today closed at Rs 400.10, a piece on the BSE, down 0.89 percent from the previous close.

PTI