Veranda Learning Solutions, an education company offering end-to-end learning solutions across the education value chain, has completed its first-ever Qualified Institutional Placement (QIP), raising ₹357.42 crores through the issuance of 1,58,71,173 equity shares of face value ₹10 each.
The QIP witnessed strong participation from notable domestic and global institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, and Saint Capital Fund, among many other long-only investors.
The funds raised will be used to repay Non-Convertible Debentures (NCDs) issued to Ascertis Credit (Formerly Barings Private Equity Asia) in March and April 2024. Funds will also be allocated to enhance technological infrastructure, invest in content development, payment of deferred consideration obligations and improve platform scalability.
Systematix Corporate Services acted as the sole Book-Running Lead Manager for the transaction.
Suresh Kalpathi, Executive Director and Chairman of Veranda Learning Solutions, said, “This QIP marks a pivotal step towards achieving financial agility and operational scale. A large portion of the proceeds will be used to deleverage our balance sheet, including repayment of the Ascertis Credit facility, significantly improving our debt profile. The remainder will be invested in strategic growth initiatives across our verticals, aimed at unlocking long-term shareholder value.”
