A V Birla Group to pick up stake in Core Projects

MUMBAI: A V Birla Group's private equity arm TGS Investment & Trade Pvt Ltd will invest about Rs 13.73 crore for acquiring a stake in Core Projects & Technologies Ltd.

In this regard, Core Projects will issue 4,50,000 warrants worth about Rs 13.73 crore to TGS Investment. The warrants would be priced at Rs 305 each.

The shareholders of Core Projects have approved the proposal during their Extra-Ordinary General Meeting (EGM) held on February 27, it said in a filing to the Bombay Stock Exchange.

"This initial strategic investment by the A V Birla Group provides confidence in Core Projects' business model and its dominant presence in the Education Domain globally," said Core Projects' Chairman and Managing Director Sanjeev Mansotra.

Bharat Banka, the CEO of the private equity business of the A V Birla Group, was appointed as one of Directors on the Board of the Core Projects last month, the filing added.

Core Projects has been managing schools in many foreign countries including in the US, Africa and the UK.

Shares of the company closed at Rs 204.10, up 0.52 per cent on the BSE.