Abu Dhabi Investment Authority picks stake in MT Educare

Abu Dhabi Investment Authority, the sovereign wealth fund of the emirate of Abu Dhabi, has picked up 1 per cent stake in coaching services provider MT Educare for Rs 3.88 crore via block deal on Tuesday.

The education services firm attracted a slew of PE investors before and after its public float two years ago.

An early investor Helix Investments sold its remaining 4.4 per cent stake in the company for Rs 16.8 crore ($2.8 million) to BanyanTree Growth Capital earlier this month.

It also counts Avendus Private Equity as a shareholder.

MT Educare raised Rs 99 crore through its IPO in 2012. The firm offers coaching for Std IX-Std XII students, besides engineering and medical entrance tests, as well as CA CPT, CS, CWA and professional CA (IPCC and  Final) exams. It has also diversified into pre-school and day-care services through Global Champs.

MT Educare’s shares closed at Rs 95.05 a unit, up 2.2 per cent in a flat Mumbai market on Tuesday.

The coaching services provider posted a profit of Rs 21 crore in the year ended March 31, 2014 compared with Rs 18 crore last year. The company’s net revenues rose to Rs 202 crore in FY14 compared with Rs 157 crore in the previous year.

(Edited by Joby Puthuparampil Johnson)

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