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The company will raise fund through a mix of preferential offer of 77,97,718 equity shares to non-promoters and 20,00,000 convertible warrants to promoters at an issue price of Rs 307 per share. Each warrant is convertible into one equity share within 18 months from the date of allotment.
The company said that it this fund raising proposal is subject to the approval of shareholders at the ensuing EGM on 6 October 2022.
Kalpathi S. Suresh, chairman and executive director of Veranda Learning Solutions said, “We are pleased with the response to the private placement and the success of the fund raise places Veranda in a unique position with the necessary war chest to fuel the next leg of growth. At Veranda, our objective is to provide the highest quality education possible at an affordable price. To that end, we are building an eco-system to strengthen our offerings through a judicious mix of high-quality content propelled by cutting edge technology which we believe will take Veranda to greater heights.”
Veranda Learning Solutions is engaged in the business of offering diversified and integrated learning solutions in online, offline hybrid and offline blended formats to students, aspirants, and graduates, professionals and corporate employees enrolled with its courses through multitude of career-defining competitive exams, professional courses, exam-oriented courses, short term upskilling and reskilling courses.
The company reported a consolidated net loss of Rs 20.07 crore in Q1 FY23 as compared to a net loss of Rs 5.14 crore posted in Q1 FY22. Net sales jumped 478.9% to Rs 28.19 crore in Q1 FY23 over Q1 FY22.
Shares of Veranda Learning Solutions declined 4.74% to Rs 345.60 on the BSE.
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