Veranda Solutions climbs ~5% on acquisition of T.I.M.E for Rs287 crore

26 Apr 2022 , 01:29 PM

Veranda Learning Solutions Limited informed that it has entered into a Share Purchase Agreement for the acquisition of a 100% stake in T.I.M.E (Advanced Educational Activities Pvt Ltd), a Hyderabad-based company.

The completion of this acquisition depends on the fulfillment of conditions precedent and per the terms agreed upon in the SPA.

The said acquisition is for a consideration of Rs287 crore, and this 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control to be acquired in phase 1, and the remaining 20% stake at the end of two years (subject to the fulfillment of closing conditions).

T.I.M.E. is India’s leading test-prep institute with a pan-India presence through an extended network of 188 centres including franchisees spread across 98 cities in India and is headquartered in Hyderabad. It has been recognized as India’s leading institute for MBA test-prep with around 37,000 unique test takers for its flagship online CAT test series — AIMCAT, and has trained around 22 lakh students since its inception in 1992 and has a run rate of training of almost 1.1 lakh students every year.

Veranda Learning is currently trading at Rs208.45 up by Rs9.9 or 4.99% from its previous closing of Rs198.55 on the BSE. It touched intraday high and low of Rs208.45 and Rs208.45 respectively.