Latest news with #QIP
Business Standard
2 days ago
- Business
- Business Standard
Veranda plans demerger of its commerce vertical
Veranda Learning Solutions has announced a strategic restructuring of its Commerce vertical as part of its Veranda 2.0 vision. This move aims to unlock long-term value, enhance operational agility, and accelerate growth in one of India's most competitive education domains. As part of the realignment, Veranda Learning will acquire the remaining 24% equity stake held by Prof. J.K. Shah in Veranda XL Learning Solutions, the principal company within the Commerce portfolio. This transaction will result in Veranda XL becoming a wholly owned subsidiary, thereby simplifying the group structure and easing the path to demerger. In line with the approved objectives of the Qualified Institutional Placement (QIP), a significant portion of the proceeds will be utilized to redeem the senior, secured, unlisted, redeemable, non-convertible debentures (NCDs) issued by the Company's subsidiary, Veranda XL Learning Solutions (Veranda XL) to Ascertis Credit (Formerly Barings Private Equity Asia). This redemption will enable the repayment of a majority of the subsidiary's existing debt. Post this transaction, the subsidiary which forms part of the Commerce verticalwill be on the path to becoming debt-free. Following the in-principle nod from its Restructuring Committee, Audit Committee, the Board have approved the incorporation of a wholly owned subsidiary by the name J.K. Shah Commerce Education Limited (or another name as may be approved by the appropriate authorities), which will serve as the platform for the vertical's operations going forward. The proposed Scheme of Arrangement is now progressing through requisite internal approvals before being submitted to the Board and regulatory bodies for its final clearance. The new entity will unify Veranda's top-performing commerce education brandsJ.K. Shah Classes, BB Virtuals, Navkar Digital Institute, Tapasya College of Commerce, and Logic School of Management into a single powerhouse delivering CA, CS, CMA, and ACCA test preparation. With a legacy of mentoring thousands of CA rankers over the years, the vertical has built a trusted reputation across India. This demerger is an important step towards building focused business units that can pursue independent growth strategies. The Commerce vertical has shown immense promise, and we believe this move will enable it to fully realise its potential, said Suresh Kalpathi, Executive Director and Chairman, Veranda Learning Solutions.
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Business Standard
2 days ago
- Business
- Business Standard
Indian Bank gets board's approval to raise ₹5,000 crore: MD Kumar
Chennai-based Indian Bank has received the board's nod to raise ₹5,000 crore during the current financial year, said the bank's Managing Director and CEO, Binod Kumar. "We have to raise ₹5,000 crore. But, I do not think it (fund raise) will be required (immediately)," he told PTI in an interaction. The bank's top official also told PTI that the capital adequacy ratio for the first quarter (Q1) of financial year (FY) 2025-26 was 17.80 per cent. The bank had reported a 16.47 per cent capital adequacy ratio in Q1 of the previous financial year. He also stated that the funds would not be raised through Qualified Institutional Placement (QIP), which is a process through which listed companies raise capital by issuing shares or securities to qualified institutional buyers (QIBs). The bank is also developing a standalone UPI application named 'IND-UPI'. The app will have features similar to those provided by major UPI mobile applications. "Right now, our customers are using other UPI apps, and we (Indian Bank) have to pay them a fee. Monthly, it will be around ₹12 crore. With the IND-UPI payment facility, customers will be able to make payments using our own application," he said. The bank aims to save around ₹150 crore annually through the IND-UPI application project. The app is in the development phase and is being used by a 'Closed User Group' and plans to roll it out to customers after receiving NPCI's approval. Hiring The CEO also stated that the company has approved the hiring of around 3,000 employees during FY26 across domains like cyber security, risk specialists, and multiple specialised roles. Q1 Results
Entrepreneur
6 days ago
- Business
- Entrepreneur
Veranda Learning Raises INR 357.42 Cr Through QIP to Strengthen Financial Position and Fund Growth
The offering saw strong interest from domestic and international institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, and Saint Capital Fund. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Veranda Learning Solutions, a leading education company offering integrated learning solutions, has successfully concluded its maiden Qualified Institutional Placement (QIP), raising INR 357.42 crore. The capital was secured through the issuance of 1,58,71,173 equity shares at a price of INR 225.20 per share, slightly below the floor price of INR 236.92. The offering attracted robust participation from both domestic and international institutional investors. Among the notable participants were Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, and Saint Capital Fund. Shareholder approval for the QIP was obtained at the general meeting held on June 10, 2025. Suresh Kalpathi, Executive Director and Chairman of Veranda Learning, said the QIP was a "pivotal step towards achieving financial agility and operational scale." He added, "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." Approximately INR 310 crore of the funds will be directed towards repaying Non-Convertible Debentures issued to Ascertis Credit in early 2024. The remaining amount will support general corporate purposes such as content development, upgrading technological infrastructure, and enhancing platform scalability. The company said the strong investor response reflects confidence in its multi-vertical education model and long-term strategy. "This is a clear endorsement of our differentiated pedagogy, multi-modal delivery system, and our commitment to student outcomes," a Veranda spokesperson stated. Founded in 2018 by the Kalpathi AGS Group, Veranda Learning operates across various segments, including test preparation, school education, study abroad, software upskilling, and higher education. Its offerings are delivered via online, offline, and hybrid modes, with a focus on democratising access to quality education. Systematix Corporate Services served as the sole book-running lead manager for the transaction.
Economic Times
6 days ago
- Business
- Economic Times
IndusInd Bank shares in focus after board approves Rs 30,000-crore fundraising plan
IndusInd Bank shares will be in focus on Thursday after the bank's board of directors approved a fundraising plan of up to Rs 30,000 crore on Wednesday. ADVERTISEMENT According to an exchange filing, the bank will raise Rs 20,000 crore via debt securities, either in Indian currency or in permitted foreign currencies through private placement. Additionally, it will raise Rs 10,000 crore through equity instruments such as Qualified Institutional Placement (QIP), American Depository Receipts (ADR), or Global Depository Receipts (GDR). The fundraising comes in the backdrop of a $230 million hit to the bank's net worth in the fiscal year ended March 31, due to misaccounting of internal derivative trades over several years. This issue led to the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April. The UK-based Hinduja family, which holds a 15.82% stake in the bank and is classified as a promoter group, has now been allowed to nominate up to two directors on the board, following approval from the Reserve Bank of India. Promoters previously had no board representation. IndusInd Bank is currently being run by an executive committee. As per a Reuters report, the bank has shortlisted Rajiv Anand, Rahul Shukla, and Anup Saha as potential candidates for the CEO position. Notably, Saha resigned as Managing Director of Bajaj Finance earlier this week. IndusInd Bank is scheduled to announce its Q1 results on July 28. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
6 days ago
- Business
- Time of India
IndusInd Bank shares in focus after board approves Rs 30,000-crore fundraising plan
IndusInd Bank shares will be in focus on Thursday after the bank's board of directors approved a fundraising plan of up to Rs 30,000 crore on Wednesday. According to an exchange filing, the bank will raise Rs 20,000 crore via debt securities, either in Indian currency or in permitted foreign currencies through private placement. Additionally, it will raise Rs 10,000 crore through equity instruments such as Qualified Institutional Placement (QIP), American Depository Receipts (ADR), or Global Depository Receipts (GDR). Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Leadership Operations Management Data Science Healthcare Digital Marketing Project Management Product Management PGDM Design Thinking Management Data Analytics Data Science Public Policy others Others Degree Technology healthcare Artificial Intelligence CXO Finance MCA MBA Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details The fundraising comes in the backdrop of a $230 million hit to the bank's net worth in the fiscal year ended March 31, due to misaccounting of internal derivative trades over several years. This issue led to the resignations of CEO Sumant Kathpalia and Deputy CEO Arun Khurana in April. The UK-based Hinduja family, which holds a 15.82% stake in the bank and is classified as a promoter group, has now been allowed to nominate up to two directors on the board, following approval from the Reserve Bank of India . Promoters previously had no board representation. IndusInd Bank is currently being run by an executive committee. As per a Reuters report, the bank has shortlisted Rajiv Anand, Rahul Shukla, and Anup Saha as potential candidates for the CEO position. Notably, Saha resigned as Managing Director of Bajaj Finance earlier this week. IndusInd Bank is scheduled to announce its Q1 results on July 28. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
