Shares of publishing house and education content creator firm S Chand and Company Ltd. climbed as much as 5.7 percent in afternoon trade following the approval of a proposal by the company’s board to sell its entire stake in iNeuron Intelligence Pvt. Ltd.
The board of directors of S Chand and Company Ltd. in its meeting on November 30 approved a proposal to sell the firm's entire 6.05 percent stake in iNeuron Intelligence.
The company holds the stake together with its wholly owned subsidiaries -- Vikas Publishing House Pvt. Ltd. and Chhaya Prakashani Ltd.
The company has entered into a non-binding term sheet with a prospective buyer for selling this entire stake. The detailed disclosure regarding this matter will be submitted after the execution of necessary definite agreements with the buyer and iNeuron in relation to the same.
S Chand and Co reported a net loss of Rs 19.9 crore for the September quarter as compared to Rs 41.2 crore in the same period a year ago. Besides, its total income dropped by 17 percent to Rs 47.5 crore from Rs 57.2 crore in the year-ago quarter.
The company is mainly engaged in publishing educational books with products ranging from school textbooks, higher education books, competition exams, and reference books as well as technical and professional education books.
