Navneet Education to sell 5.12% stake in K12 Techno for ₹225 crore
Summary
Shares of Navneet Education Ltd ended at ₹159.95, up by ₹2.55, or 1.62% on the BSE.
Navneet Education Ltd on Wednesday (May 8) said it has signed a definitive agreement with Venturi Partners, marking the divestment of a partial stake in K12 Techno Services Private Ltd for ₹225.2 crore.
“We have been informed by our subsidiary, Navneet Learning LLP, that it has entered into a definitive agreement with Venturi Partners on May 8, 2024, for divestment of its partial stake of 5.12% (on a fully diluted basis) in K12 Techno Services Private Limited for a consideration of ₹225.18 crore,” according to a stock exchange filing.
The agreement, finalised on May 8, 2024, sees Navneet Education’s subsidiary, Navneet Learning LLP, parting ways with 5.12% of its stake in K12 Techno Services.
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Navneet Learning LLP will retain a significant 14.35% stake in K12 Techno Services. Notably, Navneet Education continues to maintain a 93.0% stake in its subsidiary, Navneet Learning LLP.
Gnanesh (Sunil) D. Gala, Managing Director, Navneet Education, said, “Navneet Learning LLP has cumulatively invested ₹118.59 crore in K12 Techno, and today marks the 1st part exit of our stake which is in line with the thesis of value creation we had originally envisaged while investing in K12 Techno.”
EY acted as the exclusive financial advisor on this transaction, the company added. Shares of Navneet Education Ltd ended at ₹159.95, up by ₹2.55, or 1.62% on the BSE.
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