Education services company CL Educate plans to raise around Rs275-300 crore through an initial public offer in December. The proceeds of the issue will be used for acquisitions and other strategic initiatives, repayment of loans, to fund working capital requirements and for other general corporate purposes.
The company plans to come out with a public issue of up to 46,90,533 equity shares. This includes a fresh issue of 20,60,652 shares and an offer for sale of up to 26,29,881 scrips by existing shareholders in December, CL Educate executive director and chief financial officer Nikhil Mahajan said.
“We see a lot of inorganic opportunities. We have relied on inorganic growth as a key part of our growth strategy, including for our expansion into new business segments,” Mahajan added.
The New Delhi-based firm provides educational services across the value chain, including content and infrastructure.
Kotak Mahindra Capital Co. will manage the share sale.
