New Delhi: Education company CL Educate Ltd (formerly Career Launcher) has deferred its plan for a public sale of shares.

The company, which had filed a draft red herring prospectus (DRHP) in September with the Securities and Exchange Board of India (Sebi), on Monday said its new acquisition plan will alter its financial position.

“Our proposed acquisition will need infusion of private equity which will alter the capital structure. We also intend to restructure and consolidate some of the subsidiaries before we re-file any updated DRHP with Sebi for IPO (initial public offering)," said Nikhil Mahajan, founding member and an executive director of CL Educate.

The company, which is active in a range of education activities from test prep to formal schooling informed Sebi about the development and has requested to withdraw the DRHP.

The company was looking to raise 180-240 crore from the market.

Satya Narayanan R., chairman and founder of CL Educate, said over telephone that his company had completed the IPO process by nearly 80% but an “opportunity" came their way.

For the acquisition, the company is “infusing additional capital immediately" from private equity players. The company may refile a fresh DRHP in next three months, said Narayanan though he declined to give details of the acquisition.

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