Companies

Varkey group invests in Everonn

The Dubai-based Varkey group's Gems Education, with over five-decade experience in education, will join India's education solutions provider Everonn Education as strategic investor. Headed by NRI entrepreneur Sunny Varkey, Gems Education will join Everonn with the latter's board approving a preferential allotment of 12 per cent stake.

The directors of Everonn Education has approved the issue of 26.18 lakh equity shares of Rs. 10 each for cash at a price of Rs. 528 per share, including a premium of Rs. 518 per share to the Varkey Group on a preferential basis, subject to requisite approvals.

Varkey Group will also make an open offer to Everonn shareholders. Subject to necessary approvals, Varkey Group will join Everonn as co-promoter.

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Printable version | Apr 16, 2021 6:39:04 AM | https://www.thehindu.com/business/companies/varkey-group-invests-in-everonn/article2470752.ece

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