SKIL Infrastructure makes 20-per cent open offer for Everonn

SKIL Infrastructure has made a 20 per cent open offer for Everonn at Rs536.22 per share, according to CNBC-TV18 with the offer opening on 9September and closing on 28September.

According to a company release the move would pave the way for SKIL Infrastructure to join the world's largest V-SAT-based education network company -- Everonn Education -- as a co-promoter.

''We have always believed that education is one of the critical social infrastructure gaps that need to be bridged if India is to be able to realise the full potential of its demographic dividend. SKIL has been seriously looking at the education sector for the past few years, and we believe that in Everonn, we have found the right partner and platform for SKIL's foray into the education sector'', said Nikhil Gandhi, Chairman, SKIL Infrastructure.

The Everonn Educaion board had on Monday approved a proposal for allotment of 40 lakh optionally convertible debentures to SKIL Infrastructure at Rs520.87 each for a total cost of Rs208.34 crore.

Following the open offer and conversion of the optionally convertible debentures SKIL would hold 40 lakh shares in Everonn.

The company is to hold an extraordinary general body meeting on 18 August for seeking approval of the allotment. ''We are happy to have SKIL as a co-promoter and we are confident that the synergies that the two organisations will bring to this relationship shall enable us to scale newer heights in the field of education, and to extend our reach to millions more in this country,'' said P Kishore, managing director, Everonn Education, in a release.