The promoters had previously paid 25 per cent of the issue price upon warrant allotment on October 28, 2022.
Veranda Learning Solutions, a listed enterprise offering end-to-end solutions in the education space, announced the allotment of 20 lakh equity shares to the promoters of the company at Rs 307 per share. This allotment follows the conversion of 20 lakh warrants, with the balance amount of Rs 46.05 crores, representing 75 per cent of the warrant issue price being paid on 26th April 2024.
The promoters had previously paid 25 per cent of the issue price upon warrant allotment on October 28, 2022. On April 26, 2024, the Allotment Committee approved the allotment of equity shares.
Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions said, “The strategic decision to exercise warrants at Rs. 307 per share reflects the inherent strength of the company’s business and the promoters’ confidence in the company's growth potential. The company will continue its stated vision to build the Veranda ecosystem and be a force to reckon with in becoming an end-to-end provider of quality education.”
Founded in 2018 by the Kalpathi AGS Group - Veranda Learning Solutions is a public listed education company that offers a bouquet of training programs for competitive exam preparation, including State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, as well as a slew of professional skilling and upskilling programs. Veranda Learning forayed into high-demand financial courses such as Chartered Accountancy through India’s premier CA test-preparation institute, J. K. Shah Classes.
The company provides services through a host of brands: Veranda RACE, Veranda IAS, Edureka, Six Phrase, Veranda HigherEd, Edureka Learning Centre, SmartBridge, BAssure, Talent Academy, Talent Publications, PHIRE, Sreedhar’s CCE, JK Shah Classes, VerandaK12, Tapasya Educational Institution Private Limited and Logic School of Management.
Recently, the company was in news for signing a business transfer agreement with Kerala-based Logic Management Training Institutes Pvt. Ltd. As per a company statement, “This acquisition will enable Veranda Learning to expand its reach and provide students with a wider range of high-quality educational programs.”