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Wednesday, August 23, 2006

Everonn to raise Rs 50cr via IPO

Everonn Systems India, an education and learning solutions company, has planned an initial public offer, IPO, to raise up to Rs 50 crore (Rs 500 million), reports Business Standard.

It has filed its draft red herring prospectus, DRHP, with the Securities and Exchange Board of India, Sebi, a company release said.

It proposes to use the proceeds from the IPO primarily to meet the capital expenditure to be incurred for institutional education and infrastructure services business and for virtual and tech-enabled learning solutions business.

The fund will also be utilised for mergers and acquisitions, investment in subsidiary and overseas initiatives.

India China Pre IPO Equity (Mauritius), an investment arm of Temasek, Singapore, recently invested USD 3 million (about Rs 14 crore) in Everonn to acquire about 12% stake. Everonn reported a turnover of Rs 31.33 crore (Rs 313.3 million) and a net profit of Rs 4.04 crore (Rs 40.4 million) for the year ended March 31, 2006.


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