facebook-page-view
Advertisement

Zee Learn raises $20M through GDR

By TEAM VCC

  • 21 May 2013
Zee Learn raises $20M through GDR

Zee Learn Ltd, the education arm of Essel Group, has raised $20 million (Rs 110 crore) through Global Depository Receipts (GDR), the firm informed the stock exchanges on Tuesday.

The GDR issue was fully subscribed and the company will allot 56,17,977 GDRs at a price of $3.56 per GDR. Each GDR represents 10 underlying equity shares in the company and the GDRs will be listed on the Luxembourg Stock Exchange. This would represent equity dilution of around 18 per cent, as per VCCircle estimates.

The issue was at an effective price of Rs 19.7 a share. Zee Learn scrip closed at Rs 19, down 0.26 per cent on the BSE in a weak Mumbai market on Tuesday.

Advertisement

First International Group PLC lead managed the issue with Deutsche Bank Trust Company Americas as the depositary. The Indian legal counsel to the issue was Rajani Associates and International legal counsel was Baker and Mckenzie.

Zee Learn runs India's largest chain of pre-schools under brand Kidzee with more than 900 cantres in more than 330 cities after entering the segment in 2003, as per its website.

The company also acts as a consultant to local entrepreneurs who wish to set up K-12 schools, under its brand name Mount Litera Zee Schools. It also operates vocational education under Zee Institute of Media Arts (ZIMA) and Zee Institute of Creative Art (ZICA). While ZIMA is a TV and film training institute in Mumbai, ZICA is classical and digital animation training academy.

Advertisement

Zee Learn got listed in 2010. It was demerged as part of a two-tiered restructuring involving ETC Networks and Zee Entertainment. The education business was previously under Zee Interactive Learning Systems which was brought under ETC Networks in 2007.

Share article on

Advertisement
Advertisement