MT Educare is trading higher by 6% to Rs 132.25, extending its Friday’s 15% rally, after the company which owns the Mahesh Tutorials brand said that it has agreed to acquire 51% stake in Lakshya, a leading North India based IIT entrance teaching institute for an undisclosed amount.
“The total consideration will be paid by the company over a period of next 3 years and is dependent on certain milestones to be achieved by Lakshya. The agreement gives an option to the company to buy 100% stake in Lakshya up to 30th June 2018,” MT Educare, an education support and coaching services provider said in a press release.
The stock is currently trading at its highest level since listing on 12th April, 2012.
The company had raised Rs 35 crore by issuing 4.37 million shares at price of Rs 80 per share through public issue.
The stock opened at Rs 127 and has seen huge trading activities on the counter. A combined 4.86 million shares have already changed hands so far against an average sub 2 million shares that were traded daily in past ten trading days.