Archive · 8 Oct 2026
Elevate Campuses to Invest ₹601 Crore in UAE Subsidiary
Elevate Campuses plans to put about ₹601 crore into a company it wholly owns.
It will receive special shares in return for the investment.
The subsidiary is called Elevate UAE Assetco Holdings Pte.
Ltd.
The company says this use of money was described in its IPO disclosures.
The subsidiary plans to use the money to pay off some or all of certain loans.
Those loans were taken by another company owned indirectly through the subsidiary.
The investment is a related-party transaction, but the company says it qualifies for an exemption from prior approval.
The agreement was signed on 8 October 2026, and the transaction is scheduled to close by October 2026.
Elevate Campuses signed an agreement to invest about ₹601 crore in its wholly owned subsidiary, Elevate UAE Assetco Holdings Pte. Ltd.
The investment will subscribe to 59,061,905 Class A optionally convertible redeemable preference shares priced at USD 1.05 each.
The company said the investment aligns with its IPO disclosures on using proceeds to repay or prepay subsidiary borrowings.
Elevate UAE will use the funds to repay or prepay borrowings of its step-down subsidiary, Souk HIS Holdings Limited, UAE.
The agreement was signed on 8 October 2026, with closing scheduled by October 2026.
- Who
- Elevate Campuses Limited and its wholly owned subsidiary, Elevate UAE Assetco Holdings Pte. Ltd.
- What
- An investment of USD 620,150,000.25 (approximately ₹601 crore) through a subscription for 59,061,905 preference shares.
- When
- The agreement was signed on 8 October 2026; closing is scheduled by October 2026.
- Where
- The subsidiary is incorporated in Singapore; the funds are intended to repay or prepay borrowings of Souk HIS Holdings Limited in the UAE.
- Why
- The investment aligns with IPO disclosures and will fund repayment or prepayment of outstanding borrowings.
- Investment amount
- USD 620,150,000.25, approximately ₹601 crore
- Shares to be subscribed
- 59,061,905 Class A Optionally Convertible Redeemable Preference Shares
- Issue price
- USD 1.05 per share
- Agreement date
- 8 October 2026
- Scheduled closing
- By October 2026
- Use of funds
- Partial or full repayment or prepayment of borrowings availed by Souk HIS Holdings Limited, UAE
- Subsidiary turnover
- Nil for financial year 2025–26 and the preceding three financial years
- Related-party treatment
- The transaction is described as exempt from prior approval requirements because it is between a holding company and its wholly owned subsidiary and is on an arm's-length basis.