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Suresh Kalpathi, Executive Director and Chairman of Veranda Learning
Veranda Learning Solutions Ltd, a Chennai-based enterprise offering end-to-end solutions in the education space, plans to raise additional funds via QIP. A substantial part of this will go towards closing the debt it raised from BPEA Investment Managers in March 2024.
The company, in an announcement to the exchanges on Saturday, said that it was raising funds by issuing equity shares having a face value of ₹10 each for an aggregate amount not exceeding ₹500 crore (inclusive of such premium to the market price permitted under applicable law) by way of QIP in one or more tranches.
An enabling resolution will be moved at an EGM to be held on June 10 to raise around ₹500 crore by way of qualified Institutions placement (QIP), Suresh Kalpathi, Executive Director and Chairman of Veranda Learning, told businessline. “We might not use all of it for debt closure; but substantial part of it will be for debt reduction,” he added.
Veranda raised funds from BPEA through the issuance of Non-Convertible Debt (NCDs). The funds were meant for further acquisitions and filling gaps in the Veranda ecosystem, and the company said that it expects to complete these acquisitions by the first half of FY25.
Veranda on Saturday also announced that its Board had approved the issue of equity shares to BB Publication, a private limited company engaged in providing online coaching and selling books online for professional courses related to Chartered Accountancy and Cost and Management Accountancy. This is for the acquisition of a 10.5 per cent stake in BB Publication, which had a consolidated turnover of ₹54 crore in FY24, the announcement said.
The acquisition will occur in tranches and is expected to be completed by March 31, 2031. In the first tranche, 51 per cent of BB Publication’s share capital will be acquired on or before June 30, 2025, the announcement said.
Published on May 17, 2025
This article first appeared on The Hindu Business Line
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