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MT Educare will seek shareholders’ approval for raising ₹100 crore through issue of securities in a qualified institutional placement, the firm said in an exchange filing. The shareholders’ meet has been scheduled on February 17. The company plans to raise funds by issuing equity or debt securities in one or more tranches in the domestic or global markets. Proceeds of the issue would be utilised to meet long-term working capital requirements and for improving sales and marketing, including digital marketing. MT Educare will also use the funds to create new content, upgrade existing content and to purchase tablets. The company offers study programmes and course material, which can be accessed by students on tablets. The stock of MT Educare edged up 2 per cent at ₹163.75 on the NSE.
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