EdServ today said it will raise Rs 12 crore by issuing warrants to the promoters of the company.
The board of the company at its meeting held, have approved to allot 5,60,748 equity warrants to the promoter group, at Rs 214 per share, aggregating to Rs 12 crore, EdServ said in a filing to the Bombay Stock Exchange.
This is a part of company's Rs 130-crore funding exercise for their expansion plan that includes funds through a private placement route.
The company will utilise funds to expand and upgrade the infrastructure and learning management system in schools.