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United News of India
25-07-2025
- Business
- United News of India
Veranda Learning Solutions board to decide on restructuring
Chennai, July 25 (UNI) Listed education company Veranda Learning Solutions Limited today said it has reduced the debt of its subsidiary Veranda XL Learning Solutions Private Ltd (VXL). The company board will meet on July 28, 2025 to decide on restructuring. In a statement issued, the company said Rs.346.14 crore has been transferred to the designated escrow account to redeem Non-Convertible Debentures (NCDs) issued by VXL to Ascertis Credit (formerly Barings Private Equity Asia) in March and April 2024. It may be recalled Veranda Learning had earlier said it had raised Rs.357.42 crore from Qualified Institutional Placement (QIP) primarily to reduce debt. Mohasin Khan SP, Chief Financial Officer of Veranda Learning Solutions, said, 'We are pleased to share a significant milestone in our journey toward becoming a leaner, more agile organisation. This marks the first step in our strategic initiative to make the commerce vertical debt-free and unlock value for our shareholders. By retiring high-cost debt, we have not only strengthened our financial position but also created additional headroom to invest in innovation and future growth. This move reflects our continued commitment to disciplined execution, financial prudence, and long-term value creation for all stakeholders.' According to Veranda Learning Solutions, its restructuring committee had recommended a proposal to the Board for the demerger and listing of a debt-free commerce vertical. The Board is set to meet on Monday July 28, 2025 regarding the same. UNI VJ ARN
United News of India
24-07-2025
- Business
- United News of India
Indian Bank logs Rs 2,972.82 cr net profit for Q1
Chennai, July 24 (UNI) Public sector lender Indian Bank closed the first quarter of FY26 with a higher income and net profit as compared to the corresponding period of the previous year. In a regulatory filing, Indian Bank said for the period ended 31.6.2025, on a standalone basis, it has earned a total income of Rs 18, 721.31 crore (Q1 FY25 Rs. 16,944.77 crore) and a net profit of Rs. 2,972.82 crore (Rs. 2,403.42 crore). For the period under review, the bank's provisions came down to Rs 691 crore from Rs. 1,258.38 crore provided during the first quarter of FY25. Indian Bank said its gross non-performing assets (NPA) stands at Rs. 18,066.88 crore as on 31.6.2025 down from Rs. 20,302.16 crore as on 30.6.2024. The net NPA as on 31.6.2025 stood at Rs. 1035.56 crore down from Rs. 2,026.59 as on 31.6.2024. UNI VJ ARN
