Veranda Learning Solutions Ltd. has signed a definitive agreement to acquire TIME (Advanced Educational Activities Pvt. Ltd.), a leading testing pre-institute in Hyderabad, for consideration of ₹287 crore.
“This 100% acquisition is being phased in with 80% of the outstanding capital along with management control in Phase 1, followed by the purchase of the remaining 20% at the end of two years,” Veranda said in a statement.
With this acquisition, Veranda said it is moving into the MBA, NEET and JEE test prep and preschool segment.
Veranda is a city-based edtech company that offers a variety of training programs in preparation for competitive exams, including the State Public Service Commission, Banking, Insurance, Railroad, IAS and CA, and a variety of professional skills and development programs in trending technologies.
The acquisition of TIME allows Veranda to expand its national footprint, said Kalpathi Suresh, Executive Director-cum-Chairman, Veranda, adding that the acquisition also diversified the company into preschool and language education, giving its In my opinion, “two strong growth pillars.”
On Monday the board met and approved other resolutions such as increasing authorized capital from £60 billion to £100 billion, increasing borrowing powers from £250 billion to £1,000 billion, issuing non-convertible debentures, bonds or other instruments to 1,000 crore and increase of investment limits from 750 crore to 1,000 crore.
