Veranda Learning Solutions Limited announced a private placement of 7,797,718 shares at an issue price of INR 307 per share for gross proceeds of INR 2,393,899,426 and 2,000,000 pre-paid warrants at an issue price of INR 76.75 per share for gross proceeds of INR 153,500,000, for aggregate gross proceeds of INR 2,547,399,426 on September 14, 2022. The transaction will include participation from 88 non-promoters for shares including Zenith Multi Trading Dmcc for 1,000,000 shares, Incred Wealth Private Limited for 525,000 shares and Chelladurai Rajeswari for 500,000 shares, and 3 promoters for warrants including Kalpathi S.Aghoram for 666,667 warrants, Kalpathi S. Ganesh for 666,667 warrants, and Kalpathi S. Suresh for 666,666 warrants. Each warrant is exercisable into one common share of the company at an exercise price of INR 230.25 per share for a period of 18 months from the date of issuance.

The company will receive funding through preferential allotments. The transaction has been approved by the board of directors of the company, and is subject to the approval of regulatory/statutory authorities and the shareholders of the company.