21 Sept, 2011
Enveronn Education :-
Current Market Price - 385.60
Target Price - 450.00
Duration - Short term
Mr. Kishor, MD of Enveronn was arrested by CBI in bribery case. Stock Price of the company plummeted and trust on current promoters was lost. However, Dubai-based Varkey group company Gems Education will pick up 12 % stake in the company via preferential issue at Rs 528 a share which is at substantial premium to the current market price of the company. Varkey Group will join Everonn as co-promoter after getting necessary approvals, restoring some faith on corporate governance front.
Deal will trigger an open offer for minority shareholders. Successful open offer will make Gems largest shareholder of the company.
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