Corporate Updates

SKIL pledges almost entire Everonn stake

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Nikhil Gandhi's Skil Infrastructure, which has recently become the co-promoter of Chennai-based education company Everonn Education, has pledged almost its entire holdings of 21.02 per cent in the company. As per the disclosure made by Everonn to the stock exchanges, Skil has pledged about 39.11 lakh shares out of its total holdings of 40 lakh shares, which translates into 97.78 per cent of its total holdings. The purpose of the pledge was not disclosed. Skil made an open offer for further 39.4 lakh shares or 20 per cent stake. The open offer, which was initially priced at Rs 536.16 a share was revised upwards to Rs 587.01 a share, following Sebi's observation letter asking the acquirers to take into account the issue of optionally convertible debentures (OCD) while arriving at the issue price. Skil's pledge represents 20.55 per cent of the number of shares outstanding of Everonn.

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