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| Exchange Disseminated Time 26/07/2016 17:06:05 | Educomp Solutions Ltd has informed BSE that pursuant to a negotiated settlement entered into with ICICI Bank, Educomp Solutions Limited has accorded its approval to divest its entire shareholding in Vidya Mandir Classes Limited (being 67% shareholding of VMCL), a subsidiary of the Company and Educomp Learning Hour Private Limited, a step down subsidiary of the Company (hereinafter collectively referred to as the "Sale Share")- by executing the share purchase agreement dated July 25, 2016 with the buyer.
The aforesaid decision was made pursuant to invocation of the corporate guarantee of the Company by the ICICI bank. Further, the said Sale Shares were exclusive security of the ICICI bank under the facilities extended by ICICI bank to Educomp Learning Hour Private Limited.
The aforesaid sale is in compliance with the approved Corporate Debt Restructuring scheme of the Company and in accordance with the Master Restructuring Agreement executed with the lenders and with the approval of ICICI bank, holder of the exclusive security. |
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