Veranda Learning Solutions Limited has informed the Exchange regarding 'Intimation of allotment of Equity shares for consideration other than cash on a preferential basis.'.
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Veranda Learning Solutions has allotted 11,85,984 equity shares at Rs. 221 per share (face value Rs. 10, premium of Rs. 211), aggregating to Rs. 26.21 crore, to a single non-promoter individual named Bhanwar Lal Borana. The shares were issued on a preferential basis for consideration other than cash, specifically as payment for acquiring 1,059 equity shares of BB Publication Private Limited. As a result of this acquisition, Veranda now holds 51% of the fully diluted equity share capital of BB Publication. Post-allotment, the company's paid-up share capital rises from Rs. 76.54 crore to Rs. 77.73 crore. The allotted shares are subject to the standard lock-in period under SEBI ICDR Regulations.
This is a non-cash, share-based acquisition that gives Veranda a controlling 51% stake in BB Publication, expanding its business portfolio. Existing shareholders face a small dilution of about 1.5% (increase from 7.65 crore to 7.77 crore shares), but no cash is leaving the company.