Everonn to sell stake to SKIL via pref offer
Date: 19-07-2010According to sources, Everonn Education is set to make a preferential allotment of 10-12% stake to the Nikhil Gandhi-promoted SKIL to raise funds for expansion. An announcement on this is expected after the company’s board meeting on Monday.
The stake acquisition would also mark the entry of SKIL, an infrastructure player known for its special economic zone plans near Mumbai, into education. Edelweiss Securities is said to be the advisor to SKIL.
Chennai-based Everonn is looking set up two hundred ‘K-12’ schools, 500 skill development centers and 10 engineering colleges across
In the last fiscal, the company posted net profit of Rs 45.9 crore on sales of Rs 210.6 crore. Everonn plans to be present in 5,000 colleges over the next 6 years from 1,576 now. It is the No. 2 player in the multimedia-to-private-schools space after rival Educomp Solutions.crackcrack