MUMBAI: Promoters of competitive test coaching company Resonance Eduventures are in talks with PE funds to sell a controlling stake. Funds will be used to repay debt it raised from global PE fund KKR, said three people with knowledge of the development. “The company was unable to raise money via IPO and is now looking at a secondary stake sale to raise capital to repay KKR,” said one person.
Resonance, which is valued at Rs 1,100 crore, must repay about Rs 800 crore to KKR, said another person. KKR, through its non-banking financial business, offers mezzanine and bridge finance. “The controlling stake of more than 76% in the company is on offer,” the third person said.
An emailed query sent to the spokesperson of Eduventures did not elicit any response till press time. Spokesperson for KKR too did not respond to SMS and email.
Coaching institute Resonance Eduventures Plans Rs 500 crore IPO
