Educomp Solutions surges 6.4%; to divest stake in Vidya Mandir Classes

The aforesaid sale is in compliance with the approved Corporate Debt Restructuring scheme of the Company and in accordance with the Master Restructuring Agreement executed with the lenders and with the approval of ICICI bank, holder of the exclusive security.

Jul 27, 2016 04:07 IST India Infoline News Service

Educomp Solutions Limited surged 6.4% to Rs.14.16 after the company has accorded its approval to divest its entire shareholding in Vidya Mandir Classes Limited (being 67% shareholding of VMCL), a subsidiary of the Company and Educomp Learning Hour Private Limited, a step down subsidiary of the Company (hereinafter collectively referred to as the "Sale Share")- by executing the share purchase agreement dated July 25, 2016 with the buyer.
The scrip opened at Rs. 15.3 and has touched a high and low of Rs. 15.3 and Rs. 14.11 respectively. So far 2549560(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 163 crore.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 18.25 on 05-Jan-2016 and a 52 week low of Rs. 9.74 on 25-Aug-2015. Last one week high and low of the scrip stood at Rs. 13.8 and Rs. 13 respectively.
The promoters holding in the company stood at 44.78 % while Institutions and Non-Institutions held 1.45 % and 53.78 % respectively.

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