Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / Everonn shareholder’s approve Varkey’s entry
BackBack

Everonn shareholder’s approve Varkey’s entry

Everonn shareholder’s approve Varkey’s entry

File photo of P. Kishore, co-founder, Everonn Education Ltd.Premium

File photo of P. Kishore, co-founder, Everonn Education Ltd.

Chennai: Troubled education firm Everonn Education Ltd, whose co-founder P. Kishore has been accused of bribery and tax evasion, received shareholder approval at an extraordinary general meeting on Wednesday to raise additional funds by selling preferential shares to Dubai-based Varkey group.

Less than 50 shareholders present also approved raising the limit for total non-resident Indian investment in the company to 24% from 10%, which will help the Dubai-based company raise its stake.

File photo of P. Kishore, co-founder, Everonn Education Ltd.

Susha John, chief executive officer and whole-time director of Everonn Education, did not take any questions from reporters after the shareholders’ meeting.

The Central Bureau of Investigation (CBI) arrested Everonn’s co-founder and managing director Kishore in August for allegedly bribing a tax officer to suppress Rs. 60 crore of tax payable by Everonn. A few days later, Jamshed J. Irani quit as chairman. The board then appointed John as Everonn’s chief executive to exercise powers delegated to the managing director.

Varkey group, which runs private schools in West Asia and other parts of the world, has announced an open offer to buy 20% more of Everonn for a total consideration of 237 crore, at 528 per share. According to Securities and Exchange Board of India regulations, when a company acquires 15% or more of another entity, it needs to make an open offer to buy additional shares.

The open offer will begin on 16 November and closes on 5 December.

Everonn shares gained 0.75% to 375.60 on a day the Bombay Stock Exchange’s benchmark Sensex rose 2.01% to 17,085.34.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 20 Oct 2011, 12:00 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie