Education services company Educomp Solutions is divesting its entire shareholding in Vidya Mandir Classes. The company has entered into negotiated settlement with ICICI Bank. It has 67 percent stake in Vidya Mandir Classes, which is a subsidiary of Educomp Learning Hour.
The sales of shares were exclusive security of the ICICI Bank under the facilities extended by the bank to Educomp Learning Hour. The sale is in compliance with the approved corporate debt restructuring scheme and in accordance with the master restructuring agreement executed with the lenders and with the approval of ICICI Bank, holder of the exclusive security.
Educomp Solutions provides learning solutions to schools, governments, teachers, students and parents. It has research and development center located at Noida that creates quality products and services. The solution is based on education principles that help them to design education systems.
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