Veranda Learning Solutions board to decide on restructuring
The company board will meet on July 28, 2025 to decide on restructuring.
In a statement issued, the company said Rs.346.14 crore has been transferred to the designated escrow account to redeem Non-Convertible Debentures (NCDs) issued by VXL to Ascertis Credit (formerly Barings Private Equity Asia) in March and April 2024.
It may be recalled Veranda Learning had earlier said it had raised Rs.357.42 crore from Qualified Institutional Placement (QIP) primarily to reduce debt.
Mohasin Khan SP, Chief Financial Officer of Veranda Learning Solutions, said, 'We are pleased to share a significant milestone in our journey toward becoming a leaner, more agile organisation. This marks the first step in our strategic initiative to make the commerce vertical debt-free and unlock value for our shareholders. By retiring high-cost debt, we have not only strengthened our financial position but also created additional headroom to invest in innovation and future growth. This move reflects our continued commitment to disciplined execution, financial prudence, and long-term value creation for all stakeholders.'
According to Veranda Learning Solutions, its restructuring committee had recommended a proposal to the Board for the demerger and listing of a debt-free commerce vertical.
The Board is set to meet on Monday July 28, 2025 regarding the same.
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