Veranda Learning Solutions board gives nod to fund raising of Euros 30 million

30 Jun 2022 , 11:40 AM

The Board of Directors of Veranda Learning Solutions Limited at its meeting held on June 29, 2022 has approved the binding Term Sheet for the sanction of acquisition financing for an amount of 30 million Euros to be granted to Veranda Learning Solutions North America, Inc, Incorporated as a Wholly Owned Subsidiary of the Company ("Veranda US") for funding of acquisitions proposed to be made by Veranda US in future.

As per the regulatory filing, the providing of Corporate Guarantee and execution of Corporate Guarantee Agreement in relation to payment to be availed by Veranda US as a collateral in terms of the Binding Term Sheet and the loan agreement proposed to be entered into between Veranda US and lenders.

In addition to this, the execution of Loan Agreement between the Company and Veranda US in relation to the infusion of funds to the extent of USD 9,10,000 by the Company on arms' length basis as recommended by the Audit Committee.

The creation of a pledge on the entire shareholding of Veranda US held by the Company along with any securities or instruments that the Company acquires on account of any accretion to or in respect of any shares pursuant to any corporate action taken by Veranda US (including by way of additional issuance, bonus issue, consolidation, splits, options, subdivision or reclassification or otherwise) and any securities or instruments that are issued in lieu of, or in relation to, or in respect of, any shares (including any shares or securities of companies following actions such as mergers or demergers) during the tenure of the finance.

At around 9:17 AM, Veranda Learning Solutions was trading at Rs242.65 per share lower by 1.34% on the BSE.