CL Group to sell land Parcel, will deploy the cash in Core Business

CL Educate Limited (NSE, BSE: CLEDUCATE, 540403), a listed EdTech & MarTech entity, and owner of popular brands Career Launcher and Kestone, today announced that it has entered into an agreement to sell its plot of land and building thereon, situated at Indore, held by its subsidiary company Career Launcher Infrastructure Pvt Ltd (‘CLIP’).

CL Educate, as a strategic decision, has been in the process of exiting asset heavy businesses over the last few years, including its K-12 school business. As a part of this decision, the organization has been looking to convert its real estate bank into cash for redeployment in its core business.

Over the last year, the company has sold 4 other land parcels, for a total value in excess of Rs. 60 crores. The present sale, one of two school plots that the group had remaining has been sold for a total consideration of Rs.17.5 crores, of which Rs.3 crores have been received in advance, with the sale expected to be completed by the end of the financial year.

Commenting on the sale, Arjun Wadhwa, Chief Financial Officer, CL Educate said, “The sale of our Indore school campus is the latest in a series of corporate actions that we have undertaken over recent months towards maximizing shareholders value. We shall invest these funds in our core businesses whilst keeping our focus on profitable growth in an asset-light and IP-rich company.”

“We have one remaining land asset which we will also attempt to liquidate this year.”

About CL Educate Ltd.

Listed on the BSE and NSE of India in 2017, CL Educate Ltd. is a well-diversified and technology-enabled company operating in EdTech & MarTech market segments. CL Educate has emerged as a market leader in its core consumer- and enterprise-focused businesses; and continues to entrench itself with multiple product offerings across physical and digital channels of delivery. It commenced its operations in 1996 and is present in test-preparation & training services, publishing & content development, marketing & sales services for corporate and integrated solutions for educational institutions. Led by a team of highly qualified professionals including IIT-IIM alumni, with a passion for excellence, the twenty-six-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, please visit www.cleducate.com

Comments

University of Essex helps students become university-ready in post-Covid world; launches free online course for Indian and international students

Students completing the online course and register to study at Essex for the 2022-23 academic year will qualify for a £250 (INR 24,000) financial assistance With normal studies being disrupted due to COVID-19, UK-based University of Essex today announced Essex Preparation Programme (EPP), a special and free online course to help incoming students become university-ready. The online course, which is offered at no cost to students, is especially designed to get students from India and around the world ready for their university studies. Over six weeks, students explore independent learning, critical thinking, academic integrity and many more areas. The course is open to anyone applying for undergraduate study at the University of Essex, and if they complete the course and register to study at Essex for the 2022-23 academic year, they will qualify for a £250 (INR 24,000) financial assistance. Completion of the EPP is optional, but University of Essex believes it will give students a gre...

Rs. 50 lakh prize money pool for INBL National league; Team logos and jerseys unveiled for BFI’s first ever National League

6 city-based teams play each other over 3 rounds leading to play-offs in January 2023 The city never sleeps on Tuesday witnessed another significant milestone for Indian basketball tipping off a process to Indian basketball to newer heights. Six city-based teams – representing Bengaluru, Chandigarh, Chennai, Delhi, Kochi, and Mumbai – will line up against each other over three preliminary rounds in INBL Season 2022 , BFI’s first-ever National League. The first round will be played in Kochi from October 16-20 followed by the second round six days later from October 26-30 at Jaipur. The third round will take place in Pune from December 7 - 11. The play offs are scheduled to be held in Bengaluru from January 11-15. Each round will be spread over 5 days with the 6 teams playing against all the remaining teams once in a round robin. Standings over three rounds will accumulate into final rankings which will form the basis for the seeding for the playoffs.The teams will be called...

Career Launcher opens Study-Abroad centres across cities to meet post-pandemic demand for international colleges.

New centres in Delhi-NCR, Mumbai, Bangalore, Kolkata, Amritsar, Chandigarh, Panipat and Mysore Career Launcher, the EdTech arm of CL Educate, announced a significant push to its study abroad vertical by launching 12 study-abroad centers across eight cities. This is to meet the post-pandemic rapid rise in demand for international study destinations. The cities include Delhi-NCR, Mumbai, Bangalore, Kolkata, Amritsar, Chandigarh, Panipat and Mysore. While Delhi and Mumbai have three centers each, the other cities have one center each, to begin with. The new Study Abroad centers are a mix of Company-Owned, Company-Operated (CoCo) and Franchise-Owned Franchise-Operated. Arjun Wadhwa, CFO & CBO (International Education), CL Educate, said, “With the world reopening, the demand from students looking at international universities to pursue their higher education goals is growing at a very rapid pace. To guide students on their study and career path, we will rapidly expand our foo...

Chennai Plus

Search This Blog