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Jul, 27 2016

Educomp to sell entire stake in Vidya Mandir Classes

The company said sale of shares was exclusive security of the ICICI Bank under the facilities extended by the bank to Educomp Learning Hour.

Education services company Educomp Solutions is divesting its entire shareholding in Vidya Mandir Classes. The company has entered into negotiated settlement with ICICI Bank. It has 67 per cent stake in Vidya Mandir Classes, which is a subsidiary of Educomp Learning Hour Private Limited. 

The company said sale of shares was exclusive security of the ICICI Bank under the facilities extended by the bank to Educomp Learning Hour.The sale is in compliance with Educomp's approved corporate debt restructuring scheme and in accordance with the master restructuring agreement executed with the lenders and with the approval of ICICI Bank, holder of the exclusive security. 

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