In accordance with CDR scheme
Educomp Solutions announced that pursuant to a negotiated settlement entered into with ICICI Bank, Educomp Solutions has accorded its approval to divest its entire shareholding in Vidya Mandir Classes (being 67% shareholding of VMCL), a subsidiary of the Company and Educomp Learning Hour, a step down subsidiary of the Company (hereinafter collectively referred to as the "Sale Share")- by executing the share purchase agreement dated 25 July 2016 with the buyer.The aforesaid decision was made pursuant to invocation of the corporate guarantee of the Company by the ICICI bank. Further, the said Sale Shares were exclusive security of the ICICI bank under the facilities extended by ICICI bank to Educomp Learning Hour.
The aforesaid sale is in compliance with the approved Corporate Debt Restructuring scheme of the Company and in accordance with the Master Restructuring Agreement executed with the lenders and with the approval of ICICI bank, holder of the exclusive security.
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