CL Educate soars on getting nod to acquire digital examination business of NSEIT
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CL Educate is currently trading at Rs. 99.50, up by 4.65 points or 4.90 % from its previous closing of Rs. 94.85 on the BSE.
The scrip opened at Rs. 100.00 and has touched a high and low of Rs. 103.60 and Rs. 98.03 respectively. So far 291027 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 113.95 on 02-Jan-2024 and a 52 week low of Rs. 63.00 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 103.60 and Rs. 80.02 respectively. The current market cap of the company is Rs. 543.69 crore.
The promoters holding in the company stood at 53.52%, while Institutions and Non-Institutions held 8.13% and 38.36% respectively.
CL Educate has received approval from board of directors for acquisition of Digital Examination Business (DEX) of NSEIT for an initial consideration of Rs 230 crore, payable in cash (Proposed Acquisition), and making a binding offer towards the same to the counterparty. An additional consideration not exceeding Rs 75 crore is payable subject to achievement of certain business milestones. The Proposed Acquisition excludes, and will be undertaken post completion of sale of, the technology business of NSEIT. NSEIT is a wholly owned subsidiary of NSE Investments, and a step-down subsidiary of National Stock Exchange of India (NSE).
The execution and ultimate consummation of the Proposed Acquisition remains subject to such approvals, accounting and legal clearances and representations as may be required, and the execution of binding agreements between the parties. The said acquisition will be completed in 3-6 months. The Board of Directors of the CL Educate at its meeting held on August 29, 2024, has approved the same.
CL Educate is in to the business activities of Vocational Training, Education & training.
