Educomp To Raise Additional Foreign Funds
Educomp Solutions Limited has plans to raise $250 Mn through international bonds among other options with a sub-limit to raise upto $75 Mn through equity-linked securities, BSE filing stated.
The purpose of the fund raise is not stated.
Also the company increased its Authorised Share Capital from R30 Cr to R40 Cr.
The company had raised $155 Mn through ECB and private placement in June to repay the FCCBs due in July. IFC, Mount Kellet and Proparco had invested during that time.
Last year it had shelved plans to raise $250 Mn through a share sale due to poor market conditions.
Earlier this month Educomp initiated efforts to deploy digital education solutions in the UAE and the GCC region through signing of an agreement with the Centre of Excellence for Applied Research and Training (CERT), Abu Dhabi.
Educomp Solutions is a globally diversified education solutions provider and the largest education company in India. It reaches out to over 5.3 Mn students in over 10,000 private schools and more than 6 Mn students in over 11000 government schools.
It had made a series of acquisitions in the last couple of years boosting inorganic growth and since then has been focused on debt reduction. Its debt/equity stands at 0.41 as on March 2011, on a downward movement since past two years.
The company's FY'12 capex was also down by 40% from R7940 Mn to R4798 Mn on back of asset-light strategy adopted in the K-12 field, an investor update report said.
In the education space, Everonn Education acquired Centum Learning from Bharti group in August.
Dubai firm Varky Group increased its stake in Everonn to 38% in February this year and and Orange Mauritius Investments bought 28.67 lakh shares of Zee Learn in May'12.
IFC had earlier in July proposed to provide SGD$25 Mn to Global Indian International School (GIIS), run by the Global Schools Foundation for expansion.
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