Elevate Campuses invests around INR 601 crore in UAE subsidiary
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Elevate Campuses is investing about INR 601 crore (around USD 62 million) in its wholly owned Singapore-based subsidiary Elevate UAE Assetco Holdings. The company will subscribe to roughly 5.9 crore Class A Optionally Convertible Redeemable Preference Shares at USD 1.05 each. Funds will be used partly or fully to prepay or repay borrowings of Souk HIS Holdings in UAE, a step-down subsidiary. This deployment is in line with the company's IPO proceeds usage plan. Board approved on September 28, 2026 and closing is expected by October 2026.
Major capital deployment from IPO proceeds into subsidiary to deleverage UAE operations, positive for long-term debt reduction.