Birla Shloka Edutech FPO fixes price band of Rs 45-50

Birla Shloka Edutech Ltd, part of the Yash Birla Group, an education company offering IT and ITeS services has announced a price band between Rs 45 and Rs 50 per share per equity share of Rs 10 each for its further public offering (FPO) of Rs 34.77 crore. The Issue opens on January 11.

Birla Shloka plans to utilise the proceeds from the capital expenditure for turnkey projects executed by the company under the build-operate-transfer model to the tune of Rs 15 crore, besides cpaex of Rs 9.5 crore for infrastructure upgradation and XL@School, while the balance fund would be utilised in proposed merger and acquisition activities and meeting working capital requirements, a company release said.

Speaking on the occasion, Yashovardhan Birla, chairman of Yash Birla Group said, "The proceeds of the issue will help to accelerate the growth of our company in becoming a leader in education solutions". The shares of the company are listed on the Bombay Stock Exchange(BSE), Calcutta Stock Exchange(CSE) and Ahmedabad Stock Exchange(ASE).