Making its debut in the country’s fledging private equity (PE) space, the Aditya Birla Group is picking up nearly 5% stake in Core Projects & Technologies, a leading IT solutions provider with special focus on education, health and BFSI.
In the second phase of its association, the Birla group will acquire equity in Core’s business with Indira Gandhi National Open University (IGNOU) and the state governments, which will be spun off into a separate entity.
To begin with, the Birla group will subscribe to preferential issue of 4.5 lakh equity shares or convertible warrants, representing a 4.99 % stake in Core, for Rs 13.5 crore. The issue will be priced at Rs 300 a share, nearly 22% premium over Friday’s closing price. The stock rose 9.89% on Friday to end at Rs 246.20.
Read more in The Economic Times article.
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