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Educomp Solutions on Tuesday said that it has completed sale of its entire 50 per cent stake in Eurokids International Ltd to a group of investors led by GPE India (an investor in education companies).
The company had finalised the stake sale on January 8, for which it has completed the transactions, after meeting the customary conditions precedents.
“Educomp has made 3x its original investment in Eurokids and has created value for its shareholders by making a profit of around Rs 70 crore on this investment,” said Shantanu Prakash, Chairman and Managing Director, Educomp Solutions. He said the company’s strategy is to focus on its core businesses of digital content offerings and asset-backed offerings, and to monetise the non-core assets to unlock value.
The proceeds from the transaction of Eurokids will be used in Educomp’s core businesses as well as to better balance sheet, he said.
Earlier this year, Educomp sought growth capital investment of Rs 22 crore in its Internet education platform business Authorgen from Kaizen PE and Bertelsmann, he added.
ronendrasingh.s@thehindu.co.in
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