Varkey Group to buy 20% more in Everonn

Dubai-based Varkey Group today said it would further acquire 20% stake in India's Everonn Education through open offer for a total consideration of Rs 237 crore.

The company will buy about 44.8 million additional shares at price of Rs 528 a piece, aggregating to a total of Rs 237 crore, it said in a public announcement.

The open offer will begin on November 16 and close on December 5, it added.

Meanwhile, in a separate announcement Varkey group said that it had further consolidated stake in Everonn Education by acquiring 1.38% stake, or 2,66,000 shares, for Rs 421.29 a piece, taking the total to over Rs 11 crore through open market transaction.

Earlier this week, Varkey Group, which has interests in the educational sector through GEMS Education brand, agreed to buy a 12% stake in Everonn Education for Rs 138 crore through a preferential share allotment.

The group is already holding a separate 8,04,000 shares representing 4.19% stake in Everonn Education.

According to the Sebi's regulatory rules, a company that acquires 15% or more of another company shares needs to make an open offer to buy an additional 20% stake.

Everonn Education provides education services using VSAT technology in 16 states of India from pre-school to business schools. Gems Education has international schools across 140 countries.

Shares of the Indian company today closed at Rs 400.10, a piece on the BSE, down 0.89% from the previous close.