Dubai's Varkey Group buys 12% in Everonn Education

Dubai-based Varkey Group has acquired 12% stake in Chennai-based Everonn Education for Rs 138.23 crore through a preferential allotment.

The group picked up over 2.6 million equity shares of the education services provider for Rs 528 per piece.

"Varkey Group has been allotted 2,618,120 shares of Everonn Education through preferential allotment at a price of Rs 528 per share, aggregating to 12% of the post preferential issuance equity capital," Everonn said in a filing to the Bombay Stock Exchange (BSE) today.

The Dubai-based group with interests in healthcare, construction and education, had in September declared an open offer to buy 20% additional stake in Everonn, that offers satellite-enabled training and education services.

 

Everonn further said Varkey Group Chairman Sunny Varkey and family member Sherly Varkey, who were already minority stake holders in Everonn, now own 2.65% and 2.87% stake, respectively in the firm in their individual capacity.

Everonn had been in the news when it's Chairman Jamshed J Irani resigned in September after the arrest of Co-Founder and Managing Director P Kishore in an alleged bribery and tax evasion case by the Central Bureau of Investigation in August.

At a meeting held on December 16, 2011, Everonn's board had approved the share allotment to Varkey Group, which will be categorised as co-promoter post allotment.

After the allotment, Everonn's total paid up capital has gone up to Rs 21.81 crore from Rs 19.19 crore, the filing said.

Everonn Education's scrips closed at Rs 351.25 per share, down 0.72% from the previous close on the BSE.