Veranda Learning announces allotment of Equity Shares at Rs.307/share following Conversion of Equity Warrants

Veranda Learning Solutions, a listed enterprise offering end-to-end solutions in the education space, announced the allotment of 20 lakh equity shares to the promoters of the company at Rs. 307 per share. This allotment follows the conversion of 20 lakh warrants, with the balance amount of Rs.46.05 crores, representing 75% of the warrant issue price being paid on 26th April 2024.

The promoters had previously paid 25% of the issue price upon warrant allotment on October 28, 2022. On April 26, 2024, the Allotment Committee approved the allotment of equity shares. This not only increases Veranda Learning's net worth but also significantly augments its liquidity.

Mr. Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions expressed confidence in the company's growth trajectory, emphasizing the significance of the warrant exercise price. "The strategic decision to exercise warrants at Rs. 307 per share reflects the inherent strength of the company's business and the promoters' confidence in the company's growth potential. The company will continue its stated vision to build the Veranda ecosystem and be a force to reckon with in becoming an end-to-end provider of quality education" Mr. Suresh Kalpathi said.

Shares of Veranda Learning Solutions Limited was last trading in BSE at Rs. 179.00 as compared to the previous close of Rs. 179.80. The total number of shares traded during the day was 42871 in over 970 trades.

The stock hit an intraday high of Rs. 186.95 and intraday low of 173.20. The net turnover during the day was Rs. 7810387.00.

Source : Equity Bulls

Keywords

VerandaLearningSolutions INE0IQ001011 ELearning SharesAllotment WarrantsConversion