PNN
Mumbai (Maharashtra) [India], June 8:
(SCAP DVR) - Financial Consultancy firm has received in-principal approval to explore appropriate options including merger, acquisition, or other suitable options of arrangement for restructuring the business of WEXL Edu Private Limited in order to align with the long-term strategic objectives of the Company. Company had appointed PwC Business Consulting Services LLP in connection with the determination of equity value of WeXL Education Private Limited.
WeXL is an online education company offering a digital platform to schools, colleges, institutes, coaching centers and other education companies/stakeholders. Company has currently onboarded 27,000 students through tie-ups/MOUs with 46 schools. Company further 154 schools in pipeline at various stages of discussion, with potential of ~90,300 total students. WeXL has developed a unique research-based program (Micro Learning Program), which guarantees improvement in performance of the users by 30%-50%. PwC in its report has estimated Equity Value of WeXL in the range of Rs. 91 crore to Rs. 101 crore as per Value Analysis.
Highlights:-
* PwC in its report has estimated Equity Value of WeXL in the range of Rs. 91 crore to Rs. 101 crore as per Value Analysis.
* WeXL has currently onboarded 27,000 students through tie-ups/MOUs with 46 schools. It has further 154 schools in pipeline with potential of 90,300 total students.
* Company has allotted 11.12 crore equity shares at face value of Rs. 1 per share with normal voting rights amounting Rs. 11.12 crore.
* Company also completed allotment of 10.60 lakh equity shares of Rs. 1 face value with differential voting rights at Rs. 14 per share amounting Rs. 1.48 crore.
* Company has changed its name from 'Stampede Capital Ltd' to 'GACM Technologies Ltd'.
Under this program the Company emphasizes on a three-layered daily revision approach i.e, through concept revision videos, summary notes and questionnaires. The program is focused on revision only; it does not require any modifications to existing teaching/delivery approach followed by the Partners.
Moreover, it was further agreed to undertake necessary discussions with the management of WEXL Edu Private Limited in connection with restructuring the business of WEXL Edu Private Limited. Upon completion of the discussion on restructuring the business of WEXL Edu Private Limited, the approval of the Board of Directors of both the Companies shall be secured.
In the month of May 2023, company has allotted equity shares on preferential basis with normal voting rights and differential voting rights. Company has allotted 11.12 crore equity shares at face value of Rs. 1 per share with normal voting rights amounting Rs. 11.12 crore. Company also completed allotment of 10.60 lakh equity shares of Rs. 1 face value with differential voting rights at Rs. 14 per share amounting Rs. 1.48 crore.
Pursuant to this allotment the paid up equity share capital with normal voting rights of the company has increased from Rs. 22.90 crore (comprising of 22,90,11,200 Equity Shares of Re. 1/- each fully paid-up) to Rs. 34.02 crore (comprising of 34,02,87,057 Equity shares of Re. 1/- each fully paid-up). Subsequently equity share capital with differential voting rights of the company has increased from Rs. 5.80 crore (comprising of 5,80,48,788 DVR Shares of Re. 1/- each fully paid-up) to Rs. 5.91 crore (comprising of 5,91,09,227 DVR shares of Re. 1/- each fully paid-up).
Company has changed its name from 'Stampede Capital Ltd' to 'GACM Technologies Ltd'. The same has been approved by registrar of companies, Hyderabad and has issued a fresh certificate of incorporation dated 4 May 2023.
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