On Wednesday, Shares of Veranda Learning Solution Ltd were frozen at 10 per cent upper circuit at Rs 299, against a 0.64 per cent down in the S&P BSE Sensex. On the Bombay Stock Exchange (BSE), the market price of Veranda Learning has zoomed 67 per cent relative to its issue price of Rs 137 per share.

On April 11, 2022, Veranda Learning offered online and offline coaching services for various courses. The stock has railed 15 per cent after the company signed an agreement to acquire TIME (Advanced Educational Activities Pvt Ltd) for Rs 287 crore.

“This 100 per cent acquisition will be in a phased manner with 80 per cent of the outstanding capital along with management control in phase 1, followed by the purchase of the remaining 20 per cent at the end of two years (subject to the fulfilment of closing conditions),” Veranda said.

The acquisition of TIME allows Veranda to expand its national footprint with an asset that has sent around 50 per cent of all students admitted into the IIMs.

TIME, one of the pioneers of online testing methodology in India, also gets to leverage Veranda’s core-engineering skills to make it the best in a hybrid offering, which will include best-in-class products for each of its programs, the management said.