Realizes Rs. 32.4 million in this sale; proceeds to be invested back in the business this far totals Rs. 128 million
Online PR News – 10-December-2021 – Delhi – CL Educate makes further progress in its exit of asset-heavy businesses; liquidates third land parcel this year
CL Educate Ltd., (NSE, BSE: CLEDUCATE), India’s only listed EdTech/MarTech entity and owner of Career Launcher - the popular TestPrep brand, today announced the sale of a third plot, held in one of its wholly owned subsidiaries, in Faridabad, had been sold for Rs. 32.4 million. Early in October, the firm had announced that it has been able to conclude sale of another 2 land parcels - a plot in Faridabad for Rs. 72.5 million and another in Amritsar for Rs. 23 million, the latter held through a subsidiary. The land parcel sale is part of a larger strategic decision by the company to convert its real estate bank (valued at Rs. 650-700 million) into cash for redeployment in its core business. This stems from a broader strategic push to exit asset heavy businesses including its K-12 business.
Commenting on the land sale, Arjun Wadhwa, Chief Financial Officer, CL Educate, said, “We are accelerating and redoubling on our effort to maximize shareholder value. Sale of unproductive real estate and subsequent deployment of realized cash to accelerate business growth is a key aspect of that push. With the real estate market springing back, we have been able to dispose of three land parcels with couple more parcels targeted for sale in the next 3-4 quarters.”
About Career Launcher: Listed on the BSE and NSE of India in 2017, CL Educate Ltd. (NSE, BSE: CLEDUCATE), founded by Satya Narayanan R, India’s Ed-tech pioneer, is a well-diversified and technology enabled provider of education products, services and content with a presence across the education value-chain. It commenced its operations in 1996 and is present in test-preparation & training services, publishing & content development, integrated business, marketing & sales services for corporates, and integrated solutions to educational institutions. Led by a team of highly qualified professionals including IIT-IIM alumni, with a passion for excellence, the twenty-five-year-old company has successfully diversified from a single MBA Test- prep center to a pan India conglomerate in an asset-light, technology enabled manner leveraging strong synergies between its businesses. For details, visit http://www.cleducate.com
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