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Everonn Education founder sells 4.98% stake

Press Trust of India  |  New Delhi 

today said its founder and former chief has sold 4.98% stake in the company for an estimated Rs 29 crore through open market, bringing down his stake to 11.94%.

According to a BSE filing, Kishore sold 1.090 million shares along with six other PACs (persons acting in concert) on March 30, which would be worth about Rs 29 crore at the current market price of Rs 268.40 a share.

After the dilution of stake, Kishore now holds 11.94% in the company, as against 16.92% previously.

In an earlier filing yesterday, the company had said that the Concorde Residential Schools (Kerala) Pvt Ltd, along with Varkey group and other PACs, acquired 4.998% stake in the company to raise its stake to 43.023%.

Kishore was part of the main founder-promoters of the company, but at a meeting held on March 28 its board had approved removal of Kishore and six other entities/persons from Everonn Education's promoter group.

These entities had requested the board to declassify them from promoter and promoter group category on account of them being no longer in the control of the management and affairs of the company.

Kishore has also previously served as the Managing Director of the company but resigned from the position earlier this year.

On February 14, the company had announced Kishore's resignation, while two nominees of Varkey group, Dino Varkey and Rakesh Sharma, were inducted on its board.

Kishore was arrested in August last year on charges of bribing an Income-Tax official. He was later released on bail in October.

Shares of the company closed at Rs 268.40 a share, up 1.55% on the BSE today.

First Published: Tue, April 03 2012. 21:23 IST