Everonn Education sells 12% stake to Varkey group

Everonn Education sells 12% stake to Varkey group

Mumbai: Education service provider Everonn Education on Tuesday said it will sell 12% of its stake to Dubai-based Varkey group.

Everonn’s board approved the deal at 528 a share, the company said in a statement issued here.

Varkey will have to make an open market offer to Everonn share holders in accordance with the Sebi guidelines, it said adding that subject to necessary approvals, Varkey Group will join Everonn as co-promoter.

“We are confident that the Varkey Group, along with SKIL Infrastructure (co promoter of Everonn), will not only help in achieving our goals to create value to all our stakeholders but also realise our dream to become a leading global education company," Everonn Education chief executive officer Susha John said in the statement.