MT Educare plans IPO for college campus in Karnataka

MUMBAI: MT Educare Limited, an education support and coaching services provider, will come with an initial public offer comprising of fresh issue of equity share of face value of Rs 10 each at a premium aggregating to Rs 35 crore and an offer for sale of up to 80 lakh equity shares by Helix Investments Company.

The issue will open for subscription on March 27 and close on March 29. The proposed issue is being made through a 100 percent book building process and would be listed on the BSE and the NSE, a company statement said here.

The company is engaged in providing coaching services to students in the secondary, higher secondary school and graduation degree in commerce faculty.

Funds raised via fresh issue by the company will be used for partially financing the cost of construction of a pre-university college campus (PUC) campus at Mangalore in Karnataka and establishing new coaching centres at 20 locations.