India, September 15, 2022:  Veranda Learning Solutions Limited (“Veranda”), a public listed EdTech company (BSE: 543514, NSE: VERANDA), announced that the Board of Directors at it’s meeting held on September,14, 2022 has approved subject to the approval of shareholders  at the ensuing EGM on October, 6, 2022 a preferential issue to  raise Rs 300 crores . This raise includes an investment of Rs. 61.40 crores to be subscribed by the promoters in the form of Convertible warrants.

The fundraise is through a mix of Preferential offer of equity shares and Convertible warrants both at a price of Rs. 307 per share.Each warrant is convertible into 1 Equity Share and the conversion can be exercised at any time within a period of 18 months from the date of allotment. 25% of the total consideration for Convertible warrants will be payable at the time of application.

It may be recalled that the Company has secured approvals from the shareholders at the Extra Ordinary General Meeting held on May, 27,2022 to raise debt in the form of NCDs/ Bonds and other instruments upto 1000 cr. This debt and equity fund raise together would be used to fuel in organic growth through acquisitions.

Speaking about the fund raise, Mr. Kalpathi S. Suresh, Chairman and Executive Director, Veranda Learning Solutions, said, “We are pleased with the response to the private placement and the success of the fund raise places Veranda in a unique position with the necessary war chest to fuel the next leg of growth. At Veranda, our objective is to provide the highest quality education possible at an affordable price. To that end, we are building an eco-system to strengthen our offerings through a judicious mix of high-quality content propelled by cutting edge technology which we believe will take Veranda to greater heights.”

*Disclamier: "The pages slugged ‘Press Release’ are equivalent to advertisements and are not written and produced by Industry Outreach Magazine journalists/Editorial." We do not hold any copyrights towards the content or image. Image source: Newswire