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ADIA picks up stake in India's MT Educare

  • Andrew Woodman
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Abu Dhabi Investment Authority (ADIA) has paid INR38.8 million ($662,000) for a 1% stake in education services provider MT Educare.

The investment was made via a block trade on the Bombay Stock Exchange.

MT Educare has received several rounds of PE funding. Early investors Helix Investments Advisors took a 28.6% stake for INR328 million in 2007; the company then went public in 2012, raising INR990 million.

Subsequent rounds came from Avendus Private Equity, which paid INR46.9 million for 1.21% stake in August 2013, and BanyanTree Growth Capital, which took a 4.4% stake for INR168 million earlier this month. The latter investment provided Helix with an exit.

MT Educare owns the Mahesh Tutorials brand of coaching services and operates over 207 coaching centers in 126 locations across Maharashtra, Gujarat, Tamil Nadu and Karnataka. It offers tutorials for science and commerce subjects and national level examinations. It had 70,828 students in 2012-2013 and around 2,015 faculty and staff.

MT Educare's shares closed at INR95.05 on Tuesday, up 2.2%. The coaching services provider posted a profit of INR210 million for the year ended March 2014, up from INR180 million the previous year.

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