CL Educate has received approval from board of directors for acquisition of Digital Examination Business (DEX) of NSEIT for an initial consideration of Rs 230 crore, payable in cash (Proposed Acquisition), and making a binding offer towards the same to the counterparty. An additional consideration not exceeding Rs 75 crore is payable subject to achievement of certain business milestones. The Proposed Acquisition excludes, and will be undertaken post completion of sale of, the technology business of NSEIT. NSEIT is a wholly owned subsidiary of NSE Investments, and a step-down subsidiary of National Stock Exchange of India (NSE).
The execution and ultimate consummation of the Proposed Acquisition remains subject to such approvals, accounting and legal clearances and representations as may be required, and the execution of binding agreements between the parties. The said acquisition will be completed in 3-6 months. The Board of Directors of the CL Educate at its meeting held on August 29, 2024, has approved the same.
CL Educate is in to the business activities of Vocational Training, Education & training.
