The Board of Directors of Veranda Learning Solutions Limited ("Company") at its meeting held on June 29, 2022 has approved the binding Term Sheet for the sanction of acquisition financing for an amount of 30 million Euros to be granted to Veranda Learning Solutions North America, Inc, Incorporated as a Wholly Owned Subsidiary of the Company ("Veranda US") for funding of acquisitions proposed to be made by Veranda US in future.
The providing of Corporate Guarantee and execution of Corporate Guarantee Agreement in relation to payment to be availed by Veranda US as a collateral in terms of the Binding Term Sheet and the loan agreement proposed to be entered into between Veranda US and lenders.
The execution of Loan Agreement between the Company and Veranda US in relation to the infusion of funds to the extent of USD 9,10,000 by the Company on arms' length basis as recommended by the Audit Committee.
The creation of a pledge on the entire shareholding of Veranda US held by the Company along with any securities or instruments that the Company acquires on account of any accretion to or in respect of any shares pursuant to any corporate action taken by Veranda US (including by way of additional issuance, bonus issue, consolidation, splits, options, subdivision or reclassification or otherwise) and any securities or instruments that are issued in lieu of, or in relation to, or in respect of, any shares (including any shares or securities of companies following actions such as mergers or demergers) during the tenure of the finance.
Shares of Veranda Learning Solutions Limited was last trading in BSE at Rs. 245.95 as compared to the previous close of Rs. 234.25. The total number of shares traded during the day was 26447 in over 700 trades.
The stock hit an intraday high of Rs. 245.95 and intraday low of 229.90. The net turnover during the day was Rs. 6412386.00.