The shares of this leading company in the education sector gained up to 3 percent after the company’s subsidiary entered into a definitive agreement for the acquisition of Tapasya Educational Institutions Pvt Ltd of Rs 362.4 crore.
With a market capitalization of Rs 2,206.36 crore, the shares of Veranda Learning Solutions Ltd were trading at Rs 320.65 per share, increasing around 1.01 percent as compared to the previous closing price of Rs 315.65 apiece.
According to the company filing, Veranda XL Learning Solutions Pvt Ltd (“VXL”), a subsidiary of Veranda Learning Solutions Ltd, has signed definitive agreements/binding term sheets for the acquisition of Tapasya Educational Institutions Private Limited for Rs 362.4 crore
Furthermore, The acquisition will be completed in three phases: 50 percent on or before March 31, 2024, 1 percent in April 2024, and the remaining share capital on or around 4 years after the first phase acquisition.
Looking into Veranda Learning Solutions Ltd’s financial performance, revenue increased by 166 percent from Rs 36.88 crore in Q2 FY23 to Rs 98.37 crore in Q2 FY24. During the same period, net loss decreased, from Rs 21.13 crore to Rs 1.53 crore.
The firm has more than 220 PDCs signed up throughout 18 states, with over 400K students trained in H1FY 2024, and the company delivered more than 100 total courses with 15 studios.
In FY23, the company’s student enrollments increased steadily. In FY23, enrollments increased by 56.35% year on year to 91,667 from 58,628 in FY22. This increase will positively impact the company’s success.
Veranda Learning Solutions Ltd’s recent shareholding pattern, The Promoters of the company own 53.63 percent while Retail shareholders own a 44.01 percent stake in the company and Foreign Institutional Investors own a 2.18 percent stake.
Veranda Learning Solutions Limited provides varied and comprehensive learning solutions in online, offline hybrid, and offline blended formats to students enrolled in its courses.
Written by:- Abhishek Singh
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