Publicly listed EdTech firm Veranda Learning Solutions Ltd said on Thursday that it had received approval from its board of directors to raise Rs 300 crore in a preferential issue.

A statement from the company said the fundraising was through the preferential offer of a combination of shares and convertible warrants at Rs 307 per share.

“Veranda Learning Solutions announces that the board of directors at its meeting on September 14 approved a shareholder-approved priority issue to raise Rs 300 crore,” the statement said.

“The fundraising includes an investment of Rs 61.40 crore subscribed by the promoter in the form of convertible warrants,” it said.

The company obtained shareholders’ approval at an extraordinary general meeting on May 27 to raise debt of up to Rs 1,000 crore in the form of NCDs (non-convertible debentures) and other instruments.

“This debt and equity financing will be used together to drive organic growth through acquisitions,” it said.