Veranda Learning Solutions Limited has signed a definitive agreement for acquisition of equity shares of JK Shah Education Private Limited through its wholly owned subsidiary, Veranda XL Learning Solutions Private Limited.
The said transaction will be completed in two phases, in the first phase 76% of the outstanding capital will be paid simultaneously 337.82 crore. The entire transaction will be funded through a combination of debt and equity, Veranda Learning Solutions Ltd said in a regulatory filing.
JK Shah Classes has been a pioneer in coaching CA, CS and CMA aspirants in India for the past 39 years, and is one of the largest Test-Prep organizations in India. It currently operates through 75 centers located in 39 Indian cities and is headquartered in Mumbai.
Professor JK Shah will continue to be Life Chairman on the board and guide the company’s growth and strategy.
“I am pleased to announce that we are coming together with Veranda Learning Solutions. This will allow us to leverage their technical prowess and deep network to further strengthen JK Shah Classes’ network and offerings. The JK Shah Classes brand has been the epitome of quality coaching for almost 39 years, and will continue to transform the lives of future generations of students. It is a step forward in our journey and will help us in providing offerings across various modalities, JK Shah said.
CA. Pooja Shah and CA Vishal Shah will continue to lead the day-to-day operations as Chief Operating Officer. JK Shah Classes offers training programs for Chartered Accountancy and various commerce offerings including all levels of Company Secretaryship, CMA, Junior College, CFA, ACCA, etc., and has a record of training around 90,000 students in the courses every year. It has been recognized as India’s leading institute for CA Test Prep.
JK Shah Classes has a strong track record of producing 1,870 CA Rankers since 2001 and 214 CS Rankers since 2016, and has served the society with marquee alumni over the years.
Some notable alumni include Kumar Mangalam Birla who is an Indian industrialist and chairman of the Aditya Birla Group; Piyush Goyal who is Hon’ble Commerce Minister and Member of Rajya Sabha; and Nilesh Shah, Managing Director, Kotak Mahindra Asset Management Company, etc.
Speaking about the acquisition, Kalpana S. Suresh, President and Executive Director, Veranda Learning Solutions said, “We are pleased to announce that today we have successfully achieved an important milestone. This acquisition is a significant breakthrough in a slew of financial and commerce courses, along with highly sought-after courses such as Chartered Accountancy (CA). We believe that with the strong brand identity and legacy of JK Shah Classes coupled with the strength and technological capabilities of Verandas, both of us will rise to greater heights in the years to come. Veranda will leverage its expertise to strengthen its online and hybrid offerings as well as establish a presence of JK Shah Classes in the South, North and East of India. In our journey to become a one-stop shop for all educational needs of students at reasonable prices, we at Veranda are committed to adding specialized companies to our portfolio. We are confident that this acquisition will bring strong benefits to Veranda going forward.”
Established in 2018 by Kalpathy AGS Group – Veranda Learning Solutions is a publicly listed EdTech company that offers a bouquet of training programs for competitive exam preparation including State Public Service Commission, Banking, Insurance, Railways, IAS and CA. As a set of professional skilling and upskilling programs in trending techniques.
Pro. Established in 1983 by JK Shah, JK Shah Classes has been a pioneer in coaching CA, CS and CMA aspirants in India for the past 39 years and is one of the largest test-prep organizations in India.
Discussion about this post