Educomp divests shareholding in Vidya Mandir Classes

Education services company Educomp Solutions is divesting its entire shareholding in Vidya Mandir Classes. The company on Tuesday informed the exchanges that it has entered into negotiated settlement with ICICI Bank.

It has 67 per cent stake in Vidya Mandir Classes, which is a subsidiary of Educomp Learning Hour Private Limited.

The company said sale of shares were exclusive security of the ICICI Bank under the facilities extended by the bank to Educomp Learning Hour.

The sale is in compliance with the approved corporate debt restructuring scheme and in accordance with the master restructuring agreement executed with the lenders and with the approval of ICICI Bank, holder of the exclusive security.