Veranda Partners with KSDC to Launch Wealth Management Course

On May 26, 2024, Veranda Learning Solutions Limited informed in a stock exchange filing that the company has partnered with Karnataka Skill Development Corporation (KSDC) to launch upskilling programs.

The company stated that it has started working as a Training Partner as per the terms of the Memorandum of Understanding (MoU) with the KSDC to assist in implementing the Wealth Management Course. This course is part of the Kalike Jothege Kaushalya, which is a state government initiative to offer skill development and career guidance to students in government colleges. The program will be delivered to government colleges as a pilot project at Raichur and Gulbarga.

In 2022, Veranda Learning Solutions partnered with the Tamil Nadu Skill Development Corporation (TNSDC) and trained more than 20,000 students in upskilling courses, including Big Data Analytics and Cloud Computing. In 2023, the company signed another MoU with TNSDC to train more than 30,000 students.

Sharing his thoughts on the MoU, the Chief Marketing Officer, Mr Pravin Menon, said, “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.”

Executive Director and Chairman of Veranda, Mr Suresh Kalpathi, believes this was a step in the right direction for the company in its mission to support the nation’s skill development initiatives.

He said, “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.”

He further added, “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 the recent ₹425 crore NCD raised by Veranda and its subsidiaries. Additionally, the Promoters have also recently infused ₹46 crore into Veranda on the exercise of warrants into equity shares at an exercise price of ₹307 per equity share, which is at a substantial premium to the current market price, helping secure the company’s financial future.”

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