Chennai: Education enterprise Veranda Learning Solutions said on Friday that it is acquiring 50% stake in Tapasya Educational Institutions (TEIPL) for a consideration of Rs 120 crore through its subsidiary Veranda XL Learning Solutions.
Veranda plans to acquire full stake in Tapasya in three tranches—50% of the capital on or before March 31, 2024, 1% of the share capital will be acquired in April 2024 and the remaining shall be acquired on or around expiry of four years from the date of first tranche.
“TEIPL is expected to deliver a revenue of Rs 65 crores with an EBITDA of Rs 26 crores for FY24,” Veranda Learning said in a statement. For FY23, TEIPL clocked a revenue of Rs 27 crore. Tapasya Educational Institutions, established in 2009, offers Intermediate, Pre-University, and Graduation courses, across 13 locations in Telangana and Karnataka, with over 13,000 students. It caters to educational and allied needs cutting across BCom, BBA, CA and CMA, and others.
“The goal is to touch one million students in FY24 and this endeavour of ours will take us in that direction. Tapasya’s strong presence in Telangana and Karnataka perfectly complements our expansion strategy,” Suresh Kalpathi, executive director and chairman of Veranda Learning Solutions, said.
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Veranda plans to acquire full stake in Tapasya in three tranches—50% of the capital on or before March 31, 2024, 1% of the share capital will be acquired in April 2024 and the remaining shall be acquired on or around expiry of four years from the date of first tranche.
“TEIPL is expected to deliver a revenue of Rs 65 crores with an EBITDA of Rs 26 crores for FY24,” Veranda Learning said in a statement. For FY23, TEIPL clocked a revenue of Rs 27 crore. Tapasya Educational Institutions, established in 2009, offers Intermediate, Pre-University, and Graduation courses, across 13 locations in Telangana and Karnataka, with over 13,000 students. It caters to educational and allied needs cutting across BCom, BBA, CA and CMA, and others.
“The goal is to touch one million students in FY24 and this endeavour of ours will take us in that direction. Tapasya’s strong presence in Telangana and Karnataka perfectly complements our expansion strategy,” Suresh Kalpathi, executive director and chairman of Veranda Learning Solutions, said.
We also published the following articles recently
Veranda Learning to acquire 50% stake in Tapasya College
Veranda Learning Solutions is acquiring a 50% stake in Tapasya Educational Institutions (TEIPL) for Rs 120 crore through Veranda XL Learning Solutions. Veranda plans to acquire full stake in Tapasya in three tranches. TEIPL is expected to deliver a revenue of Rs 65 crore with an EBITDA of Rs 26 crores for FY24.
Veranda Learning Solutions is acquiring a 50% stake in Tapasya Educational Institutions (TEIPL) for Rs 120 crore through Veranda XL Learning Solutions. Veranda plans to acquire full stake in Tapasya in three tranches. TEIPL is expected to deliver a revenue of Rs 65 crore with an EBITDA of Rs 26 crores for FY24.
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Infosys acquires InSemi, a Bengaluru-based semiconductor design and embedded firm, for Rs 280 crore. This investment accelerates Infosys engineering R&D capabilities. InSemi, founded in 2013 by Shreekanth Sampigethaya and Arup Dash, offers end-to-end semiconductor design services with a team of over 900 design specialists.