CL Group to sell land Parcel, will deploy the cash in Core Business
Career Launcher and Kestone, today announced that it has entered into an agreement to sell its plot of land and building thereon, situated at Indore, held by its subsidiary company Career Launcher Infrastructure Pvt Ltd (‘CLIP’).
- (1888PressRelease) October 01, 2022 - CL Educate Limited (NSE, BSE: CLEDUCATE, 540403), a listed EdTech & MarTech entity, and owner of popular brands Career Launcher and Kestone, today announced that it has entered into an agreement to sell its plot of land and building thereon, situated at Indore, held by its subsidiary company Career Launcher Infrastructure Pvt Ltd (‘CLIP’).
CL Educate, as a strategic decision, has been in the process of exiting asset heavy businesses over the last few years, including its K-12 school business. As a part of this decision, the organization has been looking to convert its real estate bank into cash for redeployment in its core business.
Over the last year, the company has sold 4 other land parcels, for a total value in excess of Rs. 60 crores. The present sale, one of two school plots that the group had remaining has been sold for a total consideration of Rs.17.5 crores, of which Rs.3 crores have been received in advance, with the sale expected to be completed by the end of the financial year.
Commenting on the sale, Arjun Wadhwa, Chief Financial Officer, CL Educate said, “The sale of our Indore school campus is the latest in a series of corporate actions that we have undertaken over recent months towards maximizing shareholders value. We shall invest these funds in our core businesses whilst keeping our focus on profitable growth in an asset-light and IP-rich company.”
“We have one remaining land asset which we will also attempt to liquidate this year.”
About CL Educate Ltd.
Listed on the BSE and NSE of India in 2017, CL Educate Ltd. is a well-diversified and technology-enabled company operating in EdTech & MarTech market segments. CL Educate has emerged as a market leader in its core consumer- and enterprise-focused businesses; and continues to entrench itself with multiple product offerings across physical and digital channels of delivery. It commenced its operations in 1996 and is present in test-preparation & training services, publishing & content development, marketing & sales services for corporate and integrated solutions for educational institutions. Led by a team of highly qualified professionals including IIT-IIM alumni, with a passion for excellence, the twenty-six-year-old company has successfully diversified from a single MBA Test- prep center to a pan India conglomerate in an asset-light, technology enabled manner leveraging strong synergies between its businesses.
For details, please visit www.cleducate.com
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