Shares of Core Projects and Technologies up 5%
Shares of Core Projects and Technologies were up 5% at Rs 47 after the company announced the acquisition of an arm of The Princeton Review Inc (TPR), a NASDAQ listed education company.
By ET Bureau |
MUMBAI: Shares of Core Projects and Technologies were up 5% at Rs 47 after the company announced the acquisition of an arm of The Princeton Review Inc (TPR), a NASDAQ listed education company.
The acquisition, which was first reported by ET, involves an investment of about $20 mn and will add approximately US $24 mn to Core's global revenues over the next four quarters after the buyout.
Core is among the handful of companies in the education sector that are listed on the Indian bourses. The sector has been a hot favourite of foreign investors, given the government's plans for education spending, but Core, unlike peer Educomp, has not been able to attract interest from prominent investors.
This is because some high networth individuals, including a scam-tainted operator, were rumoured to be active in the stock, which was among the best performers in 2008. fund managers said.
The company has been in news in recent months after the stock had plunged almost 50% amid market talk that its shares pledged by some high net worth individuals were sold after margin calls by brokers were not met. These HNIs had borrowed money from a couple of non-banking financial companies (NBFCs) by pledging these shares.
The acquisition, which was first reported by ET, involves an investment of about $20 mn and will add approximately US $24 mn to Core's global revenues over the next four quarters after the buyout.
Core is among the handful of companies in the education sector that are listed on the Indian bourses. The sector has been a hot favourite of foreign investors, given the government's plans for education spending, but Core, unlike peer Educomp, has not been able to attract interest from prominent investors.
This is because some high networth individuals, including a scam-tainted operator, were rumoured to be active in the stock, which was among the best performers in 2008. fund managers said.
The company has been in news in recent months after the stock had plunged almost 50% amid market talk that its shares pledged by some high net worth individuals were sold after margin calls by brokers were not met. These HNIs had borrowed money from a couple of non-banking financial companies (NBFCs) by pledging these shares.
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