Educomp Solutions today said it has sold entire stake in Wiz Learn Technology, Singapore, to V—cube Global Services for an undisclosed sum.
The proceeds of the acquisition will be used to repay existing debt to Axis bank, Educomp said.
“Educomp Intelliprop Ventures Pte Ltd, subsidiary of Educomp Solutions Ltd, has sold its entire stake in Wiz Learn Technology Pte Ltd, Singapore to V—cube Global Services Pte Ltd,” Educomp Solutions said in a BSE filing.
“Further, corresponding to such sale the investment of Wiz Learn Technology Pte Ltd in 3 subsidiaries naming Singapore Learning.com Pte Ltd, Pave Education Pte Ltd and Wiz Learn Pte Ltd will also get sold,” the company added.
Educomp Solutions has invested in Wiz Learn Technology Pte Ltd in 2007.
While the company did not elaborate on the deal size or the percentage stake sold, it said “the present sale will yield a return of 57 per cent on our original investment“.
Shares of Educomp Solutions were trading at Rs 12.88 apiece, up 13.08 per cent from their previous close on the BSE.