“The board of directors of MT Educare Ltd, at its meeting held on March 6, 2017, approved entering into confidentiality, exclusivity and standstill agreement to evaluate a potential strategic collaboration by way of a scheme of arrangement or any other suitable structure between MT Educare Ltd and Nspira Management Services Pvt Ltd,” the company said in a filing to the Bombay Stock Exchange on March 06, 2017.
“The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between MT Educare Ltd and Nspira Management Services Private Ltd in relation to the proposed transaction,” it added.
It further added that the current discussions are at a preliminary stage.
The proposed arrangement or structure shall be subject to due diligence, agreement on appropriate transaction structure, board, shareholder, regulatory, NCLT and any other third-party approvals, as may be applicable, the company said in a statement.
Meanwhile, shares of the company were trading at Rs 95 apiece, down 1.40 per cent, from previous close on BSE at 12:14 hours.