Arihant Academy Limited — Important, 28-12-2024: General Updates

The Board of Directors has approved the acquisition of Team Arihant Carmel Academy LLP, an educational services provider specializing in Science XI, XII, IIT JEE, NEET, and MHT-CET. The acquisition will occur via a slump sale for a total cash consideration of ₹3.00 crore, strengthening Arihant Academy's business performance and expanding its offerings. This transaction is categorized as a related party transaction, requiring shareholder approval at an Extraordinary General Meeting scheduled for January 23, 2025. The deal is expected to complete within 15 days following this meeting. Team Arihant Carmel Academy has shown consistent growth with a turnover of ₹494.31 lakh for the fiscal year 2023-24 and an average increase in revenues over the past three years, indicating a positive outlook for the merger's impact on Arihant Academy’s strategic objectives.