Avendus picks up stake in India’s MT Educare
Avendus Private Equity has bought a 1.2% stake in school and professional college tutorial chain operator MT Educare for INR46.9 million ($ 762,408) in an open market transaction.
The Avendus India Opportunites Fund III acquired 484,230 shares at INR97 apiece. In the previous trading session, the shares had closed at INR101.10 and are currently trading at INR95.50.
MT Educare owns the Mahesh Tutorials brand of coaching services and operates over 200 coaching centers in 128 locations across Maharashtra, Gujarat, Tamil Nadu and Karnataka.
It offers tutorials for science and commerce subjects and national level examinations such as JEE Mains/Advanced for engineering, NEET for medical, CPT/IPCC/CA final for commerce and CAT/CMAT for MBA aspirants. It had 66,500 students in 2011-2012 and around 2,000 faculty and staff.
MT Educare revenues grew 25.01% year-on-year to INR1.35 billion in the most recent fiscal year, while net income jumped 63.05% to INR132.3 million.
In 2007 it received $7.95 million from Helix Investments for a 28.6% stake. Helix part-exited when the company went public in March 2012.
Avendus launched the India Opportunities Fund III in March this year to focus on investments in high quality mid-cap companies. The fund planned invest in 12-14 high conviction mid-cap stocks, taking equity stakes of around 5% with an investment horizon of 2-3 years.
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