CL Group to sell land Parcel, will deploy the cash in Core Business
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.”
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New Delhi /30 September 2022