Everonn gains after boards' nod for preferential allotment

Everonn Education rose 2.7% to Rs 38.10 at 12:34 IST on BSE after the company said its board has approved preferential allotment of 10.91 lakh equity shares to a promoter group entity upon conversion of loan amount of Rs 4.33 crore.

The announcement was made before market hours today, 28 March 2014.

Meanwhile, the S&P BSE Sensex was down 13.24 points or 0.06% at 22,201.13.

On BSE, so far 11,000 shares were traded in the counter as against average daily volume of 67,336 shares in the past one quarter.

The stock hit a high of Rs 38.35 and a low of Rs 37.40 so far during the day. The stock had hit a 52-week high of Rs 65.95 on 3 April 2013. The stock had hit a record low of Rs 21.60 on 7 August 2013.

The stock had outperformed the market over the past one month till 27 March 2014, surging 7.07% compared with Sensex's 5.85% rise. The scrip had, however, underperformed the market over the past one quarter, sliding 1.07% as against Sensex's 4.82% rise.

The small-cap company has equity capital of Rs 21.87 crore. Face value per share is Rs 10.

Everonn Education's board of directors at its meeting held on Thursday, 27 March 2014, approved preferential allotment of 10.91 lakh equity shares to The Concorde Residential Schools (Kerala), forming part of the promoter group upon conversion of loan amount Rs 4.33 crore. The board also approved preferential allotment of 1 optionally convertible debenture worth Rs 4.33 crore to The Concorde Residential Schools (Kerala), forming part of the promoter group upon conversion of loan amount Rs 4.33 crore.

Everonn Education reported a net loss of Rs 21.64 crore in Q3 December 2013, lower than net loss of Rs 129.27 crore in Q3 December 2012. Net sales declined 28.2% to Rs 11.22 crore in Q3 December 2013 over Q3 December 2012.

Everonn Education is a leading satellite-based education service provider.

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