Business Standard

FII holding in Everonn drops to 12.17%

Related News

Foreign institutional investors (FIIs) have brought down the percentage of their holdings in Ltd to 12.17 per cent from 28.6 per cent in the last three quarters. The number of shares the FIIs have sold was worth Rs 98 crore at on Monday’s market price.

Data from the Bombay Stock Exchange (BSE) shows 39 FIIs in Everonn holding 5,447,160 shares, representing 28.6 per cent equity capital, in the Chennai-based education and training company, in March. By June, this came down to 5,328,631 shares, representing 27.75 per cent. It further came down to 2,335,62 shares (12.71 per cent) in September. On Monday, Everonn’s shares were trading at Rs 311.70 a share in the BSE.

The 1986-founded Everonn, which offers e-learning solutions for schools and virtual classrooms, has had a series of financial investors like Blackstone, and New Vernon. New Vernon India is still an investor with a 5.12 per cent stake.

Of late, Everonn underwent a testing phase after its founder, managing director P Kishore, was arrested in August on charges of bribery. (He later secured bail.) This development reflected in the company’s share price, which fell 40 per cent, to as low as Rs 281.2, compared to its 52-week high of Rs 756.45.

But Everonn share prices began showing upward movement after the Varkey Group announced a month ago that it would further acquire 20 per cent stake in Everonn through an open offer for a total consideration of Rs 237 crore. The Dubai-based Group was supposed to subsequently increase its stake to 38 per cent via an open offer last week; but that is now expected to be launched early next month -- as the earlier plans have got deferred.

These new developments have brought back the investor sentiments on the company.

It was learnt that Carlyle, the New York Life PE is in talks with Everonn to invest $100 million.

Read more on:   
|
|
|
|
|

Read More

BHEL, GAIL get Maharatna status

The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.

Quick Links

Advertisement

Back to Top