Nikhil Gandhi enters education space with Everonn buy

Nikhil Gandhi-controlled SKIL Infrastructure, promoter of Pipavav Shipyard, entered into an agreement to acquire 40 lakh convertible debentures, which when converted, will represent 20.28% stake in Everonn Education. SKIL also made an open offer to acquire an additional 20% stake in Everonn Education at Rs 536.16 a share. SKIL will acquire 3.9 lakh shares in the Chennai-based education services provider, at Rs536.16 a piece, aggregating to over Rs2.11bn, Everonn Education said in a public announcement. The public offer will open on September 9 and closes on September 28. But, the open offer may not succeed as it is made at a discount to the current market prices. SKIL will buy a combination of OCDs and equity shares from the open offer in such a manner that its holding in Everonn stays at 21%. Everonn’s promoter and managing director P. Kishore will hold a 22% stake in the company, post the open offer, against his current stake of 26%.