The acquisition process of Macmillan Learning India Private Limited involves several key aspects. Macmillan Learning India, with a paid-up capital of Rs.1,00,000 and a current turnover of 9.25 Crores, operates within the Information Technology Industry, specializing in software development services for the Macmillan Group. Not considered a related party transaction, the acquisition signifies a strategic move for the Company, enhancing its Edutech vertical and fostering a strategic partnership with the globally renowned Macmillan group.
The transaction, expected to conclude by April 30, 2024, entails a cash purchase consideration of Rs. 4.5 crores, securing 100% equity ownership through the acquisition of 1,00,000 equity shares. Macmillan Learning India, founded in 2015, serves as a vital subsidiary of the Macmillan group, contributing significantly as an ‘Offshore Development Centre’ with a robust turnover history over the last three fiscal years: FY 2022-23: Rs. 6.9 crores, FY 2021-22: Rs. 5.5 crores, and FY 2020-21: Rs. 5.3 crores.