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Educomp sell its entire stake in Eurokids; stock down
The deal was done with a group of investors led by GPE India. Educomp had finalized the stake sale on January 8th 2013. The entire sale consideration approximating to Rs. 120 crore has been received.
Commenting on the stake sale Shantanu Prakash, Chairman and MD, Educomp Solutions Ltd, said "This transaction is an important milestone for the business transformation agenda that is currently underway. Educomp has made 3x its original investment in Eurokids and has created significant value for its shareholders by making a profit of approximately Rs 70 crore on this investment.
The completion of the Eurokids transaction is the second milestone in our asset monetization strategy. The proceeds from the transaction will be ploughed back into our core business as well as used to deliver our balance sheet.
Shares of the company was seen trading lower by 0.62% at Rs 63.80 on BSE at 10.00 am IST.
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