CL Educate sells Greater Noida campus, to receive INR 48 crores

CL Educate Limited, (NSE: CLEDUCATE, BSE: 540403), India's leading listed EdTech company, announced today the sale of their Greater Noida Knowledge Park Campus, built on a nearly 5 acre plot of land.

CL Educate, having already exited asset heavy K-12* and HigherEd businesses, liquidated three related land parcels in FY'22 worth nearly INR 13 crores.

The agreement to sell the Greater Noida campus, built for a HigherEd project in 2012, helps CL Educate realize INR 48 crores from the sale. An advance of INR 10 crores was received from the buyer today, with the rest of the transaction and legal processes expected to be completed this quarter itself.

Commenting on the development, Arjun Wadhwa, Chief Financial Officer, CL Educate said, "This is a welcome cash release from an asset sale for investment into the core business. On the business side, we will stay focused on profitable growth as an IP rich and asset light EdTech company."

Mr. Wadhwa added, "We hope fo liquidate the two remaining land pieces too in this financial year".

Source : Equity Bulls

Keywords

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