Three private equity investors — Blackstone, New Vernon and Reliance (part of ADAG) have picked up equity shares and warrants in the Chennai-based Everonn Systems Ltd, a company specializing in e-learning and virtual classrooms.
The company has raised Rs 167.89 crore from the PE investors besides a equity warrant issue to the promoters. Deutsche Securities (represented by Reliance), The India Fund Inc of Blackstone and New Vernon will invest Rs 91.39 crore immediately. The promoters would pump in Rs 50 crore towards the warrant issue. In all the dilution would be around 9% of the company's equity.
The company needs funds to invest in three areas. (a) ICT Business — introduce computer education in government schools, (b) setting up virtual classrooms which will increase to 700 colleges across the country from the present 250 and (c) set-up i-Schools which will have content from virtual classrooms plus content on intranet.
Showing posts with label Everonn. Show all posts
Showing posts with label Everonn. Show all posts
Monday, May 12, 2008
Monday, June 25, 2007
Everonn IPO in Rs 125-140/shr band
Chennai-based education and learning solutions company Everonn Systems India is tapping the capital markets with a public issue of Rs 50 crore. The price band has been fixed between Rs 125 and Rs 140 per share of Rs 10 each.
With a current authorised capital of 16 million shares and paid-up capital of 10.28 million shares, the company will increase its issued shares by 35.71 lakh at the lower end of the IPO band and 40 lakh shares at the upper end. The company plans listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The issue will open on July 5, 2007, and close on July 11, 2007.
Everonn Systems has budgeted an outlay of Rs 30 crore for IT infrastructure services. Out of the IPO proceeds, the company will allocate Rs 17.25 crore towards capital expenditure for virtual and tech-enabled learning solutions, and Rs 8 crore has been earmarked for mergers and acquisitions during 2007-08, Rs 5 crore for working capital, while brand building and investments in the company’s proposed subsidiary will be taken up with the rest of the funds.
Read more in The Business Standard article.
With a current authorised capital of 16 million shares and paid-up capital of 10.28 million shares, the company will increase its issued shares by 35.71 lakh at the lower end of the IPO band and 40 lakh shares at the upper end. The company plans listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The issue will open on July 5, 2007, and close on July 11, 2007.
Everonn Systems has budgeted an outlay of Rs 30 crore for IT infrastructure services. Out of the IPO proceeds, the company will allocate Rs 17.25 crore towards capital expenditure for virtual and tech-enabled learning solutions, and Rs 8 crore has been earmarked for mergers and acquisitions during 2007-08, Rs 5 crore for working capital, while brand building and investments in the company’s proposed subsidiary will be taken up with the rest of the funds.
Read more in The Business Standard article.
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