 "Tree House rallies 10%; Zee Learn hits 52-week high on consolidation plan")
Tree House Education & Accessories has locked in upper circuit of 10% at Rs 223, while Zee Learn too has rallied 10% to Rs 46.80, also its 52-week high on the BSE, after board of these companies has given in-principle approval for exploring consolidation options.
"The board of has constituted and authorized a committee to finalise the proposed consolidation and take all necessary steps including appointment of necessary consultants," Tree House and Zee Learn said in a separate regularity filing.
Meanwhile, Geeta & Rajesh Bhatia, the promoters of Tree House Education & Accessories, sold 9.5% stake in the company through open market.
Geeta Rajesh Bhatia sold 2.47 million shares at Rs 200.50 per share. Rajesh Doulatram Bhatia sold 1.53 million shares at Rs 200.50 per share, the BSE bulk deal data shows.
The stock has zoomed 62% from its intra-day low of Rs 138 touched on December 1, after the Tree House said that it has successfully received all amounts related to preschools and franchise operations that was outstanding as on 30th September 2015.
The management is focused on continuing its aggressive collection strategy, expected to further reduce debtors from this level, it added.
At 09:32 AM, Zee Learn is up 8% at Rs 45.85 on the BSE as compared to 0.68% decline on the S&P BSE Sensex.
"The board of has constituted and authorized a committee to finalise the proposed consolidation and take all necessary steps including appointment of necessary consultants," Tree House and Zee Learn said in a separate regularity filing.
Meanwhile, Geeta & Rajesh Bhatia, the promoters of Tree House Education & Accessories, sold 9.5% stake in the company through open market.
Geeta Rajesh Bhatia sold 2.47 million shares at Rs 200.50 per share. Rajesh Doulatram Bhatia sold 1.53 million shares at Rs 200.50 per share, the BSE bulk deal data shows.
The stock has zoomed 62% from its intra-day low of Rs 138 touched on December 1, after the Tree House said that it has successfully received all amounts related to preschools and franchise operations that was outstanding as on 30th September 2015.
The management is focused on continuing its aggressive collection strategy, expected to further reduce debtors from this level, it added.
At 09:32 AM, Zee Learn is up 8% at Rs 45.85 on the BSE as compared to 0.68% decline on the S&P BSE Sensex.
