Varkey group joins Everonn as strategic investor

The World’s largest K-12 education company, Dubai-based Varkey group’s “Gems Education”, with over 50 years of experience in education, will join India’s education solutions provider, Everonn Education Limited as strategic investor. Headed by NRI entrepreneur Sunny Varkey, Gems Education will join Everonn with the latter’s board approving a preferential allotment of 12% stake.

Online PR News – 21-September-2011 – – • Acquires 12% in Everonn for Rs 138.23 crores
• Win-win deal for both education majors

The World’s largest K-12 education company, Dubai-based Varkey group’s “Gems Education”, with over 50 years of experience in education, will join India’s education solutions provider, Everonn Education Limited as strategic investor. Headed by NRI entrepreneur Sunny Varkey, Gems Education will join Everonn with the latter’s board approving a preferential allotment of 12% stake.
The Board of Directors of Everonn Education Limited has approved the issue of 26,18,120 Equity Shares of Rs. 10 each for cash at a price of Rs. 528 per share (including a premium of Rs. 518/- per share) aggregating to Rs. 1,38,23,67,360 to the Varkey Group Ltd on preferential basis, subject to requisite shareholder/regulatory and other approvals including SEBI Regulations, an announcement on the stock exchange said.
The Board has also approved a tripartite Memorandum of Understanding among the Company, M/s. Varkey Group Ltd., and M/s. SKIL Infrastructure Ltd (Confirming Party) to this effect. SKIL being a co-promoter of Everonn, has become party to the MoU.
Ms Susha John, CEO and whole time director of Everonn Education, said: “We are extremely thankful to the SKIL group for having supported the management throughout and taken the initiative to identify the Varkey Group as Strategic Investor. I am sure that this will raise the operations of Everonn to greater levels.”
“The strategic investors have shown great faith and confidence in the existing management. We are confident that the Varkey Group, along with SKIL, will not only help Everonn in achieving our goals to create value to all our stakeholders but also realize our dream to become a leading global education company,” Ms. John said.
Commenting on this, Mr. Nikhil Gandhi, Co-Promoter, Everonn Education, said: “A very important day for Everonn. The Global expertise, experience, and relationship of Gems Group will be extremely valuable for Everonn’s future”
Varkey Group will also make an open market offer to Everonn share holders in accordance with the SEBI (Substantial Acquisition and Takeover) Regulations, 1997. Subject to necessary approvals, Varkey Group will join Everonn as co-promoter.

About Everonn Education Limited
Everonn Education, India’s second largest listed education company, is credited with revolutionizing and transforming the educational landscape of the country. Everonn has an established name as a brand in the Education industry and also a proven track record of participating in innovative projects through its emphasis on contemporary learning process and strong project execution. Constantly growing Everonn recorded a 45% increase in Revenue for FY11 and repeated the performance during Q1 this fiscal as well.
Pioneering deployment of technology for education, Everonn embarked on its mission with computer-aided learning 24 years ago and today it reaches out to students across the length and breadth of the country with diverse and multi-lingual culture. Everonn has been providing quality and consistently researched content, works with 16 State Governments and touches the lives of millions of students through thousands of Everonn learning centres across the country. (30th June 2011)
With its VSAT platform, Everonn addresses students even in the most remote corners which have been hitherto denied even basic education facilities.
Under the leadership of its Founder Directors, who have taken up education as their mission, Everonn today imparts education from Pre-school to B-School and is setting a high benchmark in the sector.
Everonn Education was listed by Forbes in Asia's 'Best under a Billion' list of companies compiled for 2010 and 2011. The 'Best under a Billion' list is chosen from thousands of publicly-listed Asia-Pacific companies with actively traded shares and having sales in the range of USD 5 million- USD 1 billion.
About GEMS Education
GEMS Education has a global network of world class international schools. With over 50 years of experience in education, GEMS provides high quality holistic education to over 100,000 students from 140 countries. It employs over 9,700 education professionals, specialists and staff from around the world. GEMS is the largest private kindergarten to year 12 education operator in the world. GEMS has a world class leadership team that combines business and education expertise from around the globe.
The GEMS Education school model is unique in the world because it offers a broad range of curricula across a range of tuition fees making private education more accessible to a broader community. GEMS Education also supports Governments’ education reform agenda by working with several Ministries of Education to lift school performance and improve the standards and expertise in government schools across the globe.
GEMS Education has offices in the United Arab Emirates, the United Kingdom, the United States of America, India and Singapore.

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Everonn
Everonn Education Limited
Everonn Education Limited Registered Office: No.82, IVth Avenue Ashok Nagar
Chennai Tamilnadu,, 600083

+91-44-23718202