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Shares in Zee Learn and Tree House Education both surged 15 per cent each, after a revised merger deal between the two companies.
Tree House shares surged to Rs 36.70, up 15.77 per cent in trade, while Zee Learn was up 15.27 per cent at Rs 34.70.
In a release to the exchanges, Tree House Education said that the board has approved a revised scheme of amalgamation. According to the scheme the share swap ratio would be 10 shares of Zee Learn of the face value of Re 1 for every 10 shares of Tree House Education of the face value of Rs 10.
"Your company is trying to overcome the challenges in recent quarters by bringing in several cost control measures, along with closing down non profitable centres," Tree House Education said in the release.
"We believe your company will benefit from the merger as the synergies arising out of the amalgamation will play an important role in strengthening the business," the company added.
Tree House Education has seen its share price rapidly decline from levels of Rs 456 in August last year to the current levels of Rs 36.
The present rise in the share price is unlikely to make up for the heavy ground the shares have lost.
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