New Silk Route sells Varsity Education stake for Rs 1,100 crore
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Synopsis
The deal pegs the value of Varsity Education, which runs the Sri Chaitanya brand of schools, at close to Rs 4,000 crore and comes close on the heels of other transactions in the education sector.
Agencies
PE firm New Silk Route has sold its stake in Varsity Education back to the company’s promoters for Rs 1,100 crore, according to people in the know. Varsity Education runs a chain of schools across southern India. The private equity investor had purchased a 28% stake from the Boppana family, the company’s promoters, eight years ago at an estimated price of around Rs 350 crore. The exit price is a 3x return on its original investment.