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Mumbai-based SKIL Infrastructure Ltd has transferred the entire share it held in Varkey-Group led Everonn Education Ltd, to Horizon Infastructure Ltd (HIL) as part of amalgamation of SKIL with HIL.
According to earlier reports, SKIL has acquired around 21% stake Everonn Education for over Rs 208 crore in December, 2010.
The 40,00,000 equity shares of Rs 10 each stand vested into the company pursuant to the scheme of amalgamation and arrangement approved on the amalgamation of SKIL with HIL, and arrangement approved by the High Court of Judicature at Mumbai, said a company announcement with the exchanges.
With this, Horizon Infrastructure is expected to be the share holder of the 18.29% stake in Everonn Education.
It may be noted that HIL has announced on September 10 that the board of directors of the company has approved the proposal for the amalgamation and agreement between SKIL Infrastructure Ltd, Horizon Country Wide Logistics Ltd and Fastlane Distriparks & Logistics Ltd with HIL, which was later approved by the Mumbai High Court.
