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New Delhi, July 9 IT education services provider Educomp Solutions has raised Rs 606.69 crore by private placement of shares with qualified institutional buyers.

The company has allotted 16,20,000 shares at Rs 3,745 a piece, aggregating to Rs 606.69 crore, on private placement basis with qualified institutional buyers, Educomp Solutions said in a filing to the Bombay Stock Exchange.

The board of directors has approved the issue of 16,20,000 shares at a price of Rs 3,745 a piece, including a premium of Rs 3,735 for each equity share, aggregating to an issue size of Rs 606.69 crore, the filing added.

Educomp recently sold a 50 per cent stake in its vocational training unit to Pearson.

On Thursday, Educomp shares on the BSE rose 13.38 per cent from the last traded price to close at Rs 3,902.85.

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