The Hindu Business Line : Everonn raising Rs 168 cr

Everonn Systems India Ltd is raising Rs 168 crore by issuing equity shares and warrants. These instruments are to be issued to promoters and different groups of non promoters. Three foreign funds – New Vernon India, Deutsche Securities Mauritius and The India Fund of the Blackstone group – are putting in Rs 91.39 crore for 12.69 lakh shares, paying Rs 720 a share. The shares are locked-in for one year. Concurrently, the company is issuing 3.62 lakh warrants to other investors and 7 lakh warrants to the promoters. These warrants are to be converted into equity shares also at a price of Rs 720 a share. However, 10 per cent of the conversion price is payable now. Therefore, Everonn will see cash inflow of Rs 100 crore now; the rest will come as and when the warrants are converted. Everonn is into providing satellite-based education. The company facilitates teaching through virtual classrooms, where students are connected to a tutor over the computer and over the Internet. The company raised Rs 50 crore through an IPO in July. The funds being raised now are to be used for capacity expansion. On the BSE today, Everonn stock closed at Rs 846.80, down by Rs 44.55 (5 per cent) over the previous close.

— Our Bureau

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Everonn raising Rs 168 cr