 "CL Educate defers IPO plan")
CL Educate, a leading education services company spanning coaching, vocational training, publishing and K12 schools, today announced the postponement of their plans to go public on account of strategic opportunities.
CL educate which had filed the Draft Red Herring Prospectus (DHRP) in the month of September 2014 informed Securities and Exchange Board of India about the development and has requested to withdraw the DRHP.
Nikhil Mahajan, founding member and an Executive Director, CL Educate said that their proposed acquisition will need infusion of private equity, which will alter the capital structure. He added that they also intend to restructure and consolidate some of the subsidiaries before re-filing any updated DRHP with SEBI for IPO.