CL Educate Limited, (NSE, BSE: CLEDUCATE), India's only listed EdTech and MarTech entity and owner of popular TestPrep brand, Career Launcher, announced today the sale of a third plot of land this year.
CL Educate, as a strategic decision, has been in the process of exiting asset heavy businesses over the last few years. As a part of this decision, the organization has been looking to convert its real estate bank (subject to necessary approvals, where required), which has a value of Rs. 65-70 Crores, into cash for redeployment in its core business.
CL Educate had in October shared an update on two transactions having been concluded, a plot in Faridabad for Rs. 7.25 Crores and another in Amritsar for Rs. 2.3 Crores, the latter held through a subsidiary. Today, CL Educate, added that a third plot, held in one of its wholly owned subsidiaries, also incidentally in Faridabad, had been sold for Rs. 3.24 Crores.
The company has shared that a couple of more real estate parcels are targeted for sale in the next 3-4 quarters.
As announced earlier, CL Educate had stated that it intends to liquidate its positions in unproductive real estate and deploy the cash generated in its core business to further accelerate growth.