Everon Education Hits The Roof Of The Premium On Preferential

The company made the announcement after market hours on Monday 19 September 2011.

Meanwhile, the BSE Sensex up 183.01 points, or 1.09% to 16,928.36.

On BSE, 10,423 shares were traded in the counter compared to an average daily volume of 2.79 lakh shares during the quarter past.

The action began with a growing gap, rising through the circuit up to 5% daily and is stuck at 5% so far this day. The action peaked at 756.45 rupees 52 weeks of October 7, 2010 and 52-week low of 227.80 rupees September 7, 2011.

Small Business Stock market was weaker than the last months to 19 September 2011, 19.31% decrease compared to the Sensex return of 3.74%. Stock market was also weaker than the market in recent quarters, which are 34.51% compared to Sensex down 6.30%.

The company has a share capital of Rs 19.20 crore. The nominal value per share is Rs 10.

Everon Education said the board has approved a proposal to issue shares of 26.18 lakh shares of Rs 10 for each species, at a price of Rs 528 per share, amounting to Rs 138.23 crore Varkey Group on a preferential basis. The issue price of R 528 is better than 43.81% premium to market power. The cost of the proposed question of equity shares will result in a dilution of the capital of 13.64%.

The preferential allocation to the Varkey Group, involving existing persons acting in concert with it has triggered the requirement of an open offer to become the public shareholders of the Company under and in accordance with SEBI (Substantial Acquisition and Takeover) Regulations, 1997, said in a statement Everon Education.

Last month, the Central Bureau of Investigation arrested the founder and CEO Everon P. Kishore, for allegedly bribing a tax official. After the arrest of the executive Jam President J. Irani has left the company earlier this month. Everon appointed CEO John Susha said CEO and newly appointed to exercise the powers delegated to the CEO.

On a consolidated basis, net income increased 39.5% to 9.67 million R Everon Education rupees in 45.5% increase in net sales of Rs 98.19 million rupees in June 2011 in Q1 Q1 June 2010.

Everon Education is a leading provider of satellite-based teaching


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