Corporate Updates

Educomp to raise over Rs 2,130 cr

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Educomp Solutions, a Delhi-based company, plans to raise US$500 million through the issue of securities, including American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds and Qualified Institutional Placements.

Educomp plans to raise funds for expanding its business in India. The company's authorised share capital has increased from Rs 20 crore to Rs 25 crore.

Earlier, the company had announced plans to invest around Rs 125 crore to set up over 500 tutorial centres by 2010. Last year, Educomp entered the offline education space with a war chest of over Rs 2,000 crore for setting up around 150 schools over the next four years.

The company had recently acquired a 51 per cent stake in US-based education portal for Rs 105 crore.

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Prior to this, Educomp had acquired Singapore-based Ask n Learn

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