CL Educate makes further progress in its exit of asset-heavy businesses; liquidates third land parcel this year

Posted On Wed, December 08, 2021, 4:00 PM
Realizes Rs. 32.4 million in this sale; proceeds to be invested back in the business this far totals Rs. 128 million

CL Educate Ltd., (NSE, BSE: CLEDUCATE), India’s only listed EdTech/MarTech entity and owner of Career Launcher - the popular TestPrep brand, announced the sale of a third plot, held in one of its wholly owned subsidiaries, in Faridabad, had been sold for Rs. 32.4 million. Early in October, the firm had announced that it has been able to conclude sale of another 2 land parcels - a plot in Faridabad for Rs. 72.5 million and another in Amritsar for Rs. 23 million, the latter held through a subsidiary. The land parcel sale is part of a larger strategic decision by the company to convert its real estate bank (valued at Rs. 650-700 million) into cash for redeployment in its core business. This stems from a broader strategic push to exit asset heavy businesses including its K-12 business.

Commenting on the land sale, Arjun Wadhwa, Chief Financial Officer, CL Educate, said, “We are accelerating and redoubling on our effort to maximize shareholder value. Sale of unproductive real estate and subsequent deployment of realized cash to accelerate business growth is a key aspect of that push. With the real estate market springing back, we have been able to dispose of three land parcels with couple more parcels targeted for sale in the next 3-4 quarters.”

This press release is posted under categories India, Business, Education

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