Everonn Education sells 12% stake to Dubai-based Varkey Group

Chennai-based Everonn Education has sold 12% stake to Dubai-based Varkey Group for Rs 138.23 crore through a preferential allotment. The company has sold over 2.6 million equity shares to Varkey Group for Rs 528 per piece.

The Dubai-based group with interests in healthcare, construction and education, had in September declared an open offer to buy 20% additional stake in Everonn that offers satellite-enabled training and education services.

Further, Sunny Varkey and family member Sherly Varkey, who were already minority stake holders in Everonn, now own 2.65% and 2.87% stake, respectively in the firm in their individual capacity.

After the allotment, Everonn’s total paid up capital has gone up to Rs 21.81 crore from Rs 19.19 crore.