 "Tree House Education to merge with Zee Learn")
Pre-school chain Tree House Education & Accessories has said it would merge with Zee Learn. In a statement to the stock exchanges, the two entities said since they are both engaged in pre-school activities, they have decided to consolidate and merge.
After the merger, the promoter holding will be 36.23 per cent, while 63.77 per cent will be held by the public. The deal will make the combined entity the largest pre-school chain in India.
Zee Learn has a net worth of Rs 234 crore, with annual turnover of Rs 121 crore. It operates the largest pre-school chain in the country under the KidZee brands with 1,500 centres. Tree House has a net worth of Rs 644.7 crore and annual turnover of Rs 207 crore. On December 4, Zee Learn had told the exchanges that its board had approved consolidation options with Tree House.
Tree House’s shareholders will receive 53 fully paid equity shares of Rs 1 each of Zee Learn for every 10 fully paid-up equity shares of Rs 10 of the former. In Tree House, the promoters currently hold 20.54 per cent stake, while 79.46 per cent is held by the public.
