Veranda Learning Solutions Ltd. has signed a definitive agreement to acquire T.I.M.E. (Advanced Educational Activities Pvt. Ltd.), a leading test pre-institute in Hyderabad, for a consideration of ₹287 crore.
“This 100% acquisition will be in a phased manner with 80% of the outstanding capital along with management control in phase 1, followed by the purchase of the remaining 20% at the end of two years,” Veranda said in a statement.
With this acquisition, Veranda said it was foraying into MBA, NEET and JEE test-prep and the preschool segment.
Veranda is a city-based edtech company that offers a variety of training programmes for competitive exam preparation, including State Public Service Commission, banking, insurance, railways, IAS and CA, as well as a slew of professional skilling and upskilling programmes in trending technologies.
The acquisition of T.I.M.E. allows Veranda to expand its national footprint, said Kalpathi Suresh, executive director-cum-chairman, Veranda, adding that through this acquisition the company also diversified into the pre-school and the language training space, which he said were “two strong pillars of growth.”
On Monday, the board met and approved other resolutions such as increase of authorised capital from ₹60 crore to ₹100 crore, increase of borrowing powers from ₹250 crore to ₹1,000 crore, issuance of non-convertible debentures, bonds or other instruments up to ₹1,000 crore and increase of investment limits from ₹750 crore to ₹1,000 crore.
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