Veranda Learning Solutions Limited announces that it has entered into a definitive agreement to acquire the equity shares of J.K Shah Education Pvt Ltd through its wholly owned subsidiary, Veranda XL Learning Solutions Pvt Ltd.
The said transaction will be completed in two phases, with the first phase seeing the payment of 76% of the outstanding capital in aggregate for Rs 337.82 crore. Veranda Learning Solutions Limited said in a regulatory filing that the entire transaction will be financed through a combination of debt and equity.
J.K Shah Classes has pioneered in coaching the CA, CS and CMA aspirants in India for the past 39 years and is one of the largest exam preparation institutions in India. It currently operates through 75 centers located in 39 Indian cities and is headquartered in Mumbai.
Professor J. K. Shah will continue to remain chairman for life of the board of directors and will lead the company's growth and strategy.
"I am pleased to announce our meeting with Veranda Learning Solutions. This will allow us to leverage their technological prowess and deep network to promote the J.K. Shah Classes network and offerings. The J.K Shah Classes brand has been a symbol of quality training for nearly 39 years, and will continue to change the lives of future generations of students. This is a step forward in our journey and will help us deliver presentations through different approaches," said JK Shah.
Pooja Shah and CA. Vishal Shah will continue to lead day-to-day operations as Chief Operating Officer. J.K. Class Offer Shah has trained various business offerings including all levels of Public Accounting and Company Secretary, CMA, Junior College, CFA, ACCA, etc. and has a track record of training around 90,000 students across all courses each year. It has been recognized as India's leading institute for CA test prep.
J.K Shah Classes has a proven track record of producing 1,870 CA Rankers since 2001 and 214 CS Rankers since 2016, and has served the community with notable alumni over the years.
Some notable alumni include Kumar Mangalam Birla, an Indian industrialist and chairman of the Aditya Birla Group; Piyush Goyal, Honorable Minister of Commerce and member of the Rajya Sabha; and Mr. Nilesh Shah, Managing Director of Kotak Mahindra Asset Management, etc.
Speaking about the acquisition, Mr. Kalpathi S Suresh, President and CEO of Veranda Learning Solutions, said: “We are pleased to report that today we have successfully achieved an important milestone. This acquisition is a significant milestone in high-demand courses such as Chartered Accountancy (CA), as well as a suite of finance and business courses. We believe that with the strength and technological capabilities of Veranda coupled with the strong brand recognition and legacy of J.K Shah Classes, we will reach even greater heights in the years to come. Veranda will leverage its experience to establish J.K Shah Classes' presence in South, North and East India, as well as strengthen its online and hybrid offerings. In our journey to become a one stop shop for the educational needs of all students at an affordable price, we at Veranda are committed to adding specialized companies to our portfolio. We believe this acquisition will deliver strong profitability for Veranda going forward."
Founded in 2018 by the Kalpathi AGS Group, Veranda Learning Solutions is a publicly listed educational technology company that offers a variety of training programs to prepare for competitive exams, including State Utilities Commission, Banking, Insurance, Railway, IAS and CA, as well as a wide range of professional skills and skills upgrading programs in popular technologies.
Founded by Professor J.K. Shah, J.K. Shah Classes has been a pioneer in the training of CA, CS and CMA aspirants in India for the past 39 years and is one of the largest exam preparation institutions in India.
Also Read: Crypto hackers set for record year after looting over USD 3 billion