Business Update29 Aug 2024, 11:32 pm
CL Educate Ltd Acquires Digital Examination Business of NSEIT Limited for Rs. 230 Crores
AI Summary
CL Educate Ltd has approved the acquisition of Digital Examination Business (DEX) of NSEIT Limited for an initial consideration of Rs. 230 Crores, payable in cash. An additional consideration not exceeding Rs 75 Crores is payable subject to achievement of certain business milestones. The acquisition excludes the technology business of NSEIT Limited. The execution and ultimate consummation of the acquisition is subject to necessary approvals and clearances.
Key Highlights
- CL Educate Ltd to acquire Digital Examination Business of NSEIT Limited for Rs. 230 Crores with potential additional consideration of Rs 75 Crores
- The acquisition excludes the technology business of NSEIT Limited
- NSEIT Limited is a wholly owned subsidiary of NSE Investments Limited, and a step-down subsidiary of National Stock Exchange of India Ltd.
- The acquisition is subject to necessary approvals and clearances
- Turnover of DEX business of NSEIT Ltd. for the Financial Year 2023-24: Rs. 198.58 Cr.