Shares of Tree House Education today surged 10 per cent and Zee Learn rose by over 3 per cent today after their board accorded in-principle approval for exploring consolidation options.
The stock of Tree House zoomed 9.98 per cent to settle at Rs 222.60 -- its highest trading permissible limit for the day -- on BSE.
Shares of Zee Learn went up by 3.29 per cent to end at Rs 43.95. During the day, it soared 9.98 per cent to Rs 46.80 -- its 52-week high.
Zee Learn, Essel Group's education arm, today said its board has accorded in-principle approval for exploring consolidation options with pre-school chain Tree House Education and Accessories.
"The Board of Directors of the company has accorded in-principle approval for exploring consolidation options with Tree House Education and Accessories," Zee Learn said in a BSE filing.
It further said: "The Board has constituted and authorised a committee to finalise the proposed consolidation and take all necessary steps, including appointment of necessary consultants."
In a separate filing, Tree House said, "The Board of Directors of the company met today and accorded in-principle approval for exploring consolidation options with Zee Learn."
Zee Learn runs a chain of schools under brand names - Mount Litera Zee Schools, Kidzee pre-schools, Mount Litera World Pre-school and Mount Litera International School.
