Veranda Learning Solutions Secures INR1.40 Billion Loan From City Union Bank

MT Newswires Live

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Veranda Learning Solutions (NSE:VERANDA, BOM:543514) secured a 1.40 billion Indian rupees term loan from City Union Bank (NSE:CUB, BOM:532210) on Feb. 24, according to a Wednesday filing to the Indian stock exchanges.

The loan will be used to redeem the non-convertible debentures issued by the company and its wholly owned subsidiary, Veranda Race Learning Solutions.

The loans have been raised against collateral security of two land parcels, corporate guarantees from Veranda K-12 Learning Solutions and Veranda Race Learning Solutions, and personal guarantees.

The company's shares were down over 2% in recent trade.

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