Recent reports have revealed that the Everonn Education firm is going to sell 12% states to the Varkey Group from Dubai. The firm revealed that the price quoted for each share shall be Rs. 528.

There will be an open market offer made by the Varkey in order to gain possession of the shares from Everonn. It was further added that this was a mere formality to suffice the guidelines by SEBI. Everonn shall be joined by Varkey as its co-promoter.

It was revealed by the Everonn's CEO Susha John that the deal shall be a profitable one for both the firms.

"We are confident that the Varkey Group, along with SKIL Infrastructure, will not only help in achieving our goals to create value to all our stakeholders but also realize our dream to become a leading global education company", revealed the CEO.

There is also going to be a memorandum of understanding signed between the two firms before the deal can be sealed.

It was revealed by the SKIL Chairmen Nikhil Gandhi that their firm shall buy the 12.5% stakes according to preferential allotment scheme. They hope it works for the benefit of both firms.