The Chennai-based Veranda Learning Solutions has recently allocated 20 lakh equity shares to the company’s promoters at ₹307 per share. This allocation follows the conversion of 20 lakh warrants, with 75% of the warrant issue price being paid on April 26, amounting to ₹46.05 crore.
Previously, the promoters had paid 25% of the issue price upon warrant allotment on October 28, 2022. The Allotment Committee approved the equity shares allotment on April 26, which not only boosts Veranda Learning’s net worth but also enhances its liquidity.
Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions, expressed confidence in the company’s growth trajectory, highlighting the significance of the warrant exercise price. He stated, “The strategic decision to exercise warrants at ₹307 per share reflects the strength of the company’s business and the promoters’ confidence in its growth potential. Our vision is to build the Veranda ecosystem and become a leading provider of quality education.”
Founded in 2018 by the Kalpathi AGS Group, Veranda Learning Solutions offers various training programs for competitive exam preparation and professional skilling. The company recently partnered with Pearson to enhance content creation and delivery for test preparation and higher education in India.
Veranda Learning’s shares closed at ₹174.50 on the NSE, marking a 1.11% decrease.