Elevate Campuses Invests $62M in UAE Subsidiary

Elevate Campuses Ltd has executed a securities subscription agreement with its wholly owned subsidiary, Elevate UAE Assetco Holdings Pte. Ltd., for the subscription of 59,061,905 Class A Optionally Convertible Redeemable Preference Shares (OCRPS). The total investment amounts to USD 6,20,15,000.25 (approximately INR 601 crore). This infusion of capital is intended to be utilized by the subsidiary for the prepayment and/or repayment of outstanding borrowings, as disclosed in the company's IPO documents. The investment was approved by the Board of Directors on September 28, 2026, and is considered a related party transaction but exempt from prior approval as it's between a holding company and its wholly owned subsidiary. The transaction is expected to close by October 2026.