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Mumbai-based education firm MT Educare Ltd has obtained board approval to raise up to Rs 50 crore (around $8 million) through issue of fresh shares/securities to qualified institutional investors, according to a stock market disclosure.

The company did not specify the object of the fresh fundraise.

Founded in 1998, MT Educare (formerly Mahesh Tutorials Pvt Ltd) offers coaching for Std IX-Std XII students, besides engineering and medical entrance tests, as well as for CA CPT, CS, CWA and professional CA (IPCC & final) exams. The company raised Rs 99 crore through its IPO in 2012.

In May, Abu Dhabi Investment Authority, the sovereign wealth fund of the emirate of Abu Dhabi, picked up 1 per cent stake in the firm for Rs 3.88 crore via a block deal. Prior to this, India-focused private equity firm Helix Investments sold its remaining 4.4 per cent stake MT Educare for Rs 16.8 crore ($2.8 million) to BanyanTree Growth Capital through an open market transaction.

MT Educare also counts Avendus Private Equity as a shareholder.

The firm posted a profit of Rs 7.6 crore with net revenue of Rs 54.3 crore for the quarter ended June 30, 2014.

MT Educare’s shares were trading at Rs 135.95 a piece, down 1.59 per cent at 11:33 AM (IST) on the Bombay Stock Exchange in a strong Mumbai market on Monday.

(Edited by Joby Puthuparampil Johnson)

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