The stock jumped 19.96 per cent to settle at Rs 33.05 on BSE.
On NSE, it rose sharply by 19.96 per cent to close at Rs 33.05.
The proposed move may help the company reduce its interest burden.
Everonn Education yesterday told BSE that its board of directors at its meeting held on August 18 have proposed conversion of loan into equity by preferential allotment of equity shares to the promoter group.
Promoters hold 61.94 per cent in the company, according to its shareholding pattern for the June quarter.