Tree House Education inks a sale deed worth Rs. 30 crore

Tree House Education & Accessories has signed a sale deed with Rajveer Global Consultancy LLP Mumbai for sale of property situated in Borivali. The property to be sold has a total area of 4,394.8 square meters and the consideration from the same will be around Rs. 30 crore.

In the recent quarter Q1FY20, the company has posted muted revenue growth. EBITDA for the quarter fell by 20 per cent yoy, with a corresponding margin contraction of 400 bps, driven by higher operating expenses. However, its net loss has narrowed down to Rs. 8.49 crore from net loss of Rs. 12.94 crore in the corresponding quarter last year.

Besides, the promoter holding as on Jun-2019 ended quarter was at 20.54 per cent and out of this nearly 99.45 per cent has been pledged. Due to suspect of irregularities in the functioning and operations of the company, SEBI had initiated an investigation in December 2016.

Tree House Education and Accessories Limited is a provider of educational and related services, including leasing of education infrastructure.

Cheering the sale deed news, the stock of Tree House Education had opened in red but it spiked by 6 per cent later and made an intraday high of Rs. 5.45 on the BSE. The stock was trading at Rs. 5.10 per share at 15.13 hours on the BSE.