Everonn Education surges on preferential allotment to promoters

The board has approved conversion of loan into equity on preferential allotment basis to promoter group

Shares of Everonn Education were locked in 20% upper circuit after the board approved conversion of loans into equity.

The board at its meeting held on August 18, 2015 has proposed conversion of loan into equity by issue of equity shares on preferential allotment basis to the promoter group, the company said in a release.

The stock opened at Rs 28 and touched a high of Rs 33. At 10:55AM, over 1 million shares were traded on both the stock exchanges.