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Shares of Tree House Education & Accessories (Tree House) has surged 7% to Rs 514 on NSE after the company said it has signed a Memorandum of Understanding (MOU) for sale of its land and building located at Vadodara in state of Gujarat for Rs 52.50 crore.
The company, a leading educational service provider operating the largest number of branded self-operated pre-schools in India, plans to monetize its physical assets while continuing to provide educational services to these institutions.
The company will use the proceeds to move towards a debt free status and deliver strong returns to all our shareholders from the strong cash flows generated by the business, said Rajesh Bhatia, Managing Director of Tree House.
“The particular property being considered for sale under this MOU is located at Revenue Survey 49 CTS No 792Atladara, Vadodara, Gujarat and represents the second K-12 school land and building premises fully owned by the company,” Tree House said in a statement.
Tree House commenced the business of providing educational services to K-12 schools in 2008 and currently has a portfolio of 24 large format K-12 schools apart from over 500 pre-schools across the country.
The stock opened at Rs 499 and hit a 52-week high of Rs 559 on NSE. Till 1020 hours, a combined 86,317 shares changed hands on the counter on NSE and BSE.
The company, a leading educational service provider operating the largest number of branded self-operated pre-schools in India, plans to monetize its physical assets while continuing to provide educational services to these institutions.
The company will use the proceeds to move towards a debt free status and deliver strong returns to all our shareholders from the strong cash flows generated by the business, said Rajesh Bhatia, Managing Director of Tree House.
“The particular property being considered for sale under this MOU is located at Revenue Survey 49 CTS No 792Atladara, Vadodara, Gujarat and represents the second K-12 school land and building premises fully owned by the company,” Tree House said in a statement.
Tree House commenced the business of providing educational services to K-12 schools in 2008 and currently has a portfolio of 24 large format K-12 schools apart from over 500 pre-schools across the country.
The stock opened at Rs 499 and hit a 52-week high of Rs 559 on NSE. Till 1020 hours, a combined 86,317 shares changed hands on the counter on NSE and BSE.
