BENGALURU, 26th May 2024: Veranda Learning Solutions Limited (“Veranda” or the “Company"), a company listed on BSE and NSE offering end-to-end solutions in the education space, has commenced its work as a Training Partner as per terms of the MoU with the KSDC (Karnataka Skill Development Corporation) to assist in the implementation of Wealth Management Course which is part of the Kalike Jothege Kaushalya, a state government initiative to provide skill development and career guidance to students in government colleges. The program will be delivered in Government colleges as a pilot project at Raichur and Gulbarga.
In 2022, Veranda had teamed up with the Tamil Nadu Skill Development Corporation (“TNSDC”) and trained over 20,000 students in upskilling courses such as Cloud Computing and Big Data Analytics. In 2023, another MoU was signed with TNSDC to train over 30,000 students.
Mr. Pravin Menon, Chief Marketing Officer, said that the MoU with KSDC will bolster Veranda’s presence in Karnataka, “We have had a great working relationship with TNSDC over the last two years and are now pleased to be joining hands with KSDC. It is an opportunity for Veranda to further its presence in Karnataka. We are exploring partnerships with other state government skill development corporations too.”
Mr. Suresh Kalpathi, Executive Director and Chairman of Veranda, believes it was a step in right direction for the Company in its mission to contribute to the nation’s skill development initiatives. “As promoters of Veranda, we are committed to providing comprehensive educational solutions. Our collaboration with KSDC is a key step in expanding our geographic footprint and continuing to deliver high-quality skill development programs across India. This reinforces our confidence in the Company’s future prospects, as demonstrated by the promoters pledging their holding in equity shares of the Company as collateral for securing recent Rs 425 crores NCD raised by Veranda and its subsidiaries. Additionally, the Promoters have also recently infused Rs 46 crores into Veranda on exercise of warrants into equity shares at an exercise price of Rs.307 per equity share, which is at a substantial premium to the current market price helping secure the company’s financial future.” said Mr. Suresh Kalpathi.
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