Chennai: Shares of Everonn Education Ltd closed 4.3% lower on Wednesday as the Dubai-based Varkey Group’s open offer for a 20% stake in the troubled company that was to open today was put on hold pending regulatory approval.
Everonn ended at Rs 335.30 in Wednesday trading on the Bombay Stock Exchange (BSE). The Chennai-based company informed the BSE last evening that the open offer will need to incorporate any changes that may be sought by Securities and Exchange Board of India (Sebi).
Varkey Group, which owns a large private school company, planned to acquire 4,483,535 shares of Everonn at Rs 528 apiece.
The uncertainty and delay in the open offer will keep the stock price subdued, said an analyst tracking educational companies who didn’t want to be named.