January 12, 2024
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Veranda acquires Tapasya College
Education enterprise Veranda Learning Solutions said that it is acquiring 50% stake in Tapasya Educational Institutions (TEIPL) for a consideration of Rs 120 crore through its subsidiary Veranda XL Learning Solutions.
Veranda plans to acquire full stake in Tapasya in three tranches – 50% of the capital on or before March 31, 2024, 1% of the share capital will be acquired in April, 2024 and the remaining shall be acquired on or around expiry of four years from the date of first tranche.
“TEIPL is expected to deliver a revenue of Rs 65 crore with an EBITDA of Rs 26 crores for FY24,” Veranda Learning said in a statement. For FY23, TEIPL clocked a revenue of Rs 27 crore.
Tapasya Educational Institutions, established in 2009, offers intermediate, pre-university and graduation courses, across 13 locations in Telangana and Karnataka, with over 13,000 students. It caters to educational and allied needs cutting across BCom, BBA, CA and CMA and others.
“The goal is to touch one million students in FY24 and this endeavour of ours will take us in that direction. Tapasya’s strong presence in Telangana and Karnataka perfectly complements our expansion strategy,” Suresh Kalpathi, executive director and chairman of Veranda Learning Solutions, said.
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