Veranda Learning announces allotment of equity shares at ₹307/share

The Chennai-based Veranda Learning Solutions, an enterprise offering end-to-end solutions in the education space, has allotted 20 lakh equity shares to the company’s promoters at ₹307 per share.

This allotment follows the conversion of 20 lakh warrants, with the balance amount of ₹46.05 crore, representing 75 per cent of the warrant issue price being paid on April 26.

The promoters had previously paid 25 per cent of the issue price upon warrant allotment on October 28, 2022. On April 26, the Allotment Committee approved the allotment of equity shares. This not only increases Veranda Learning’s net worth but also significantly augments its liquidity, says a release.

Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions expressed confidence in the company’s growth trajectory, emphasising the significance of the warrant exercise price. “The strategic decision to exercise warrants at ₹307 per share reflects the inherent strength of the company’s business and the promoters’ confidence in the company’s growth potential. The company will continue its stated vision to build the Veranda ecosystem and be a force to reckon with in becoming an end-to-end provider of quality education,” Suresh Kalpathi said.

Founded in 2018 by the Kalpathi AGS Group, Veranda Learning Solutions offers a bouquet of training programmes for competitive exam preparation, including State Public Service Commission, Banking, Insurance, Railways, IAS, and CA, and a slew of professional skilling and upskilling programmes.

Veranda recently announced a strategic agreement with Pearson, the world’s leading learning company, to synergise their expertise in content creation and delivery of resources for test preparation and higher education in India.

Shares of the company closed at ₹174.50 on the NSE, down 1.11 per cent.