CL Educate liquidates third land parcel this year

CL Educate Limited, (NSE, BSE: CLEDUCATE), India's only listed EdTech and MarTech entity and owner of popular TestPrep brand, Career Launcher, announced today the sale of a third plot of land this year.

CL Educate, as a strategic decision, has been in the process of exiting asset heavy businesses over the last few years. As a part of this decision, the organization has been looking to convert its real estate bank (subject to necessary approvals, where required), which has a value of Rs. 65-70 Crores, into cash for redeployment in its core business.

CL Educate had in October shared an update on two transactions having been concluded, a plot in Faridabad for Rs. 7.25 Crores and another in Amritsar for Rs. 2.3 Crores, the latter held through a subsidiary. Today, CL Educate, added that a third plot, held in one of its wholly owned subsidiaries, also incidentally in Faridabad, had been sold for Rs. 3.24 Crores.

The company has shared that a couple of more real estate parcels are targeted for sale in the next 3-4 quarters.

As announced earlier, CL Educate had stated that it intends to liquidate its positions in unproductive real estate and deploy the cash generated in its core business to further accelerate growth.

Source : Equity Bulls

Keywords

CLEducate CareerLauncher TestPrep LandSale