Veranda Learning Solutions, a listed education technology company, said on Thursday it has signed a definitive agreement for acquiring equity shares of J K Shah Education through its subsidiary, Veranda XL Learning Solutions.
The transaction will be completed in two phases, with the first seeing the payment of 76 per cent of the outstanding capital for Rs 337.82 crore. The entire transaction will be funded through a combination of debt and equity. Veranda Learning offers training programmes for competitive exams, including those for state public service commission, banking, insurance, and railways. It also offers a slew of professional skilling and upskilling programmes in technology.
J K Shah Education (Classes) is a pioneer in teaching chartered accountancy, company secretary and cost accountant aspirants. It’s 39-year-old company and one of the largest test-prep organisations in India. It operates 75 centres located across 39 Indian cities and is headquartered in Mumbai. J K Shah, who leads the company, will continue as chairman for life on the board to guide the growth and strategy, the company said in a statement.
“I am pleased to announce our coming together with Veranda Learning Solutions. This will allow us to leverage their technological prowess and deep network to further strengthen J. K. Shah Classes’ network and offerings. The J. K. Shah Classes brand has been an icon for quality coaching for nearly 39 years, and will continue to change the lives of future generations of students,” Shah said.
J K Shah Education has produced 1,870 CA rankers since 2001 and 214 CS Rankers since 2016. The company said its notable alumni include Kumar Mangalam Birla, chairman of the Aditya Birla Group, and commerce minister Piyush Goyal.
