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The board of CL Educate on Tuesday approved a composite scheme of arrangement to amalgamate five of its wholly-owned subsidiary companies with itself, as a going concern, based on the recommendations of the Audit Committee.
The subsidiaries are Career Launcher Education Infrastructure and Services, CL Media Pvt Ltd, Accendere Knowledge Management Services Pvt Ltd, GK Publications Pvt Ltd, and Kestone Integrated Marketing Services Pvt Ltd.
The proposed composite scheme of arrangement also involves capital reduction of the amalgamated companies.
The stock of CL Educate slipped 4.25 per cent at ₹119.25 on the NSE.
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