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Veranda Learning Solutions to raise funds via preferential issue; Stock tumbles ~9%

The board also gave its approval for Related Party Transaction up to an aggregate limit of Rs500 crore.

September 15, 2022 12:40 IST | India Infoline News Service
The Board of Directors of Veranda Learning Solutions Limited in its meeting held on September 14, 2022 has considered and approved the fund raising proposal through preferential issue of shares and warrants to non-promoters and promoters.

As per the filing, the board approved proposal to issue and allot 77,97,718 equity shares of face value of Rs. 10/- each fully paid-up to certain Non-Promoters entities, on a preferential basis, at a price of Rs307/- per Equity Share, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

The board approved proposal to issue and allot 20,00,000 Convertible Warrants, each Warrant convertible into one Equity Share to Promoters of the Company, on a preferential basis, at a price of Rs307/- per Warrant, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

Further, the board also gave its approval for Related Party Transaction up to an aggregate limit of Rs500 crore only subject to approval of shareholders at the ensuing Extra Ordinary General Meeting of the Company to be held on Thursday, October 06, 2022, the company said in a regulatory filing on Thursday.

At around 12:45 PM, Veranda Learning Solutions Ltd is currently trading at Rs331.05 per share down by Rs31.75 or 8.75% from its previous closing of Rs362.80 per share on the BSE.

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