Core Projects eyes $45 mn annually from overseas buys
Core Projects & Technologies has finalized multiple acquisitions in the UK and US, consolidating its position in the education sector.
By INDIATIMES NEWS NETWORK |
MUMBAI: Core Projects & Technologies has finalized multiple acquisitions in the UK and US, consolidating its position in the education sector. The acquisitions will be completed in September this year.
The company recently signed a business transfer agreement in UK with Azzurri Education and an agreement with Hamlet Computer Group. In US, Core Projects acquired global businesses of KC Management Group and its subsidiaries.
The cost of acquisitions is estimated at $45 million, which will be funded out of the foreign convertible corporate bonds issue in May.
On completion, the acquisitions will add $45 million annually to the revenues of the company. All the acquired businesses are operating at 12-15 per cent EDT margins, which the company expects to improve to 20-22 per cent.
At 12:22 pm, Core Projects shares were up 3.11 per cent at Rs 198.95 on BSE, with volume traded at 4,30,201 against two-week average of 6,73,783 shares.
The company recently signed a business transfer agreement in UK with Azzurri Education and an agreement with Hamlet Computer Group. In US, Core Projects acquired global businesses of KC Management Group and its subsidiaries.
The cost of acquisitions is estimated at $45 million, which will be funded out of the foreign convertible corporate bonds issue in May.
On completion, the acquisitions will add $45 million annually to the revenues of the company. All the acquired businesses are operating at 12-15 per cent EDT margins, which the company expects to improve to 20-22 per cent.
At 12:22 pm, Core Projects shares were up 3.11 per cent at Rs 198.95 on BSE, with volume traded at 4,30,201 against two-week average of 6,73,783 shares.
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