The company may consider a private placement of shares totaling Rs 50 crore.
The proceeds of the public offering will be used for the repayment or prepayment of the loan, the repayment of the consideration for the acquisition of Edureka and growth initiatives.
Veranda is a comprehensive 360 degree online education platform. Its business is to offer diverse and integrated learning solutions in hybrid online, offline and blended offline formats to students, aspirants and graduates, professionals and corporate employees.
In September, Veranda announced it had acquired Edureka, a provider of online, live instructor-led solutions for the IT industry, for Rs 245 crore. Previously, Veranda had acquired the Chennai Race Coaching Institute, a coaching institute for banking, SSC and PSC exams.
Systematix Corporate Services Limited is primarily responsible for the problem. The shares will be listed on BSE and NSE.