Elevate Campuses has executed a securities subscription agreement (SSA) with its material wholly owned subsidiary, Elevate UAE Assetco Holdings (Elevate UAE), for subscription of 59,061,905 Class A Optionally Convertible Redeemable Preference Shares (OCRPS) to be issued by Elevate UAE at an issue price of $1.05 per OCRPS aggregating to $6,20,15,000.25 (around Rs 601 crore). Elevate UAE is, and will continue to be, wholly owned by the company; there will be no change in its ownership or control, pursuant to the investment.
The above investment is in line with the disclosures made by the company in its initial public offering (IPO) documents, where it was stated that a portion of the net proceeds from the IPO would be infused by the company in its subsidiaries which will be utilised partly/ fully towards prepayment and/ or repayment of certain outstanding borrowings availed by some of the subsidiaries. This investment has been made pursuant to an approval received from the Board of Directors of the company at its meeting held on September 28, 2026. Closing of the transaction is scheduled to be completed by October 2026.
Elevate Campuses is principally engaged in owning, operating and managing on campus student accommodation across higher education institution.
