Varkey acquires 2.08% in Everonn

Everonn Education Ltd on Monday informed the National Stock Exchange (NSE) that Sherly Varkey had purchased through open market 399,628 equity shares constituting 2.08 per cent of its paid-up equity share capital.

Sherly Varkey is acting in concert for Sunny Varkey and Sherly Varkey, who own the $2.5-billion Dubai-based Varkey Group, which is proposing to buy around 35 per cent stake in Everonn.

Everonn’s announcement to NSE says Varkey bought the stocks on September 23. After this acquisition, Sunny Varkey’s holding in Everonn will go up to 3.01 per cent and Sherly Varkey’s to 3.26 per cent.

The average price of the acquisition per share by Sunny Varkey was Rs 420.06 (highest price was Rs 423.85) and by Sherly Varkey was Rs 421.29 (highest price quoted was Rs 423.95).

The total would go upto 6.27 per cent.

Last week, on Friday, Varkey Group made an open offer to public shareholders of Chennai-based Everonn Education to acquire 20 per cent stake. On Tuesday, it acquired 12 per cent, for Rs 138.23 crore, through its Group company Gems Education, through a preferential allotment. The total consideration for the offer is estimated to be around Rs 236.73 crore.

The Group intends to become a co-promoter of the Everonn and acquire a shareholding of 30-35 per cent of Everonn, said the offer document.

Everonn’s share price was down by 2.44 per cent in Bombay Stock Exchange on Monday evening. The company’s stock was trading at Rs 390.35 a share.