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Global Education completes acquisition of Global BIFS Academy

11 Jun 2024 Evaluate

Global Education has completed its contractual obligations/conditions as mentioned in Share Purchase Agreement (SPA) including discharge of full consideration amount with respect to acquisition of 10,000 equity shares / Percentage of Control acquired (10%) of Global BIFS Academy (existing subsidiary of the Company (under section 2(86) of the Companies Act, 2013), which post acquisition, would entitle Global Education to exercise a control of 100% (Existing Percentage of Shareholding by Purchaser - 90% (+) Percentage of Control Acquired -10%) of the equity share capital of Global BIFS Academy (Subsidiary) on a fully diluted basis.

Pursuant to completion of contractual obligations related to the acquisition of 10,000 equity shares / Percentage of Control acquired (10%); Global BIFS Academy has become the Wholly owned Subsidiary of Global Education under Section 2 (87) of the Companies Act, 2013 with effect from i.e June 11, 2024.

The acquisition/ Investment of GLOBAL BIFS Academy will help the Company to achieve the objectives of the Company in the Education Sector more efficiently. The acquisition would result in significant synergies in the form of expansion of the business operations and overall growth of the Company.

Global Education is engaged in providing professional training and skill developments to corporates, teachers and students for human capital development and other various business support services to education institutions, students, corporates and banks.

Peers
Company Name CMP
Physicswallah 105.35
CL Educate 53.44
Zee Learn 4.91
Jaro Inst. of Tech&R 434.05
Crizac 226.65
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