Crizac Limited , a prominent company listed on Indian stock exchanges, has announced changes to the board of directors of its material foreign unlisted subsidiary, Crizac Ltd (UK). The company has made these changes in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Board Changes

Appointment Details

Christopher Flood Nagle has been appointed as a director of Crizac Ltd (UK). Nagle currently serves as the Chief Executive Officer of Crizac Ltd (UK) since March 21, 2024. He holds a Bachelor of Arts degree in European Social and Political Studies from University College London.

Nagle's appointment is currently under process with the regulatory authority.

Resignation

Gaurav Agarwal has resigned from his position as a director of Crizac Ltd (UK). The company stated that Agarwal's resignation was due to preoccupation, and it has been accepted by the board.

Compliance and Disclosure

Crizac Limited has made this announcement in adherence to the SEBI Listing Regulations. The company has informed both the National Stock Exchange of India Ltd and BSE Limited about these changes.

Crizac Limited , through its wholly owned subsidiary Crizac Ltd, has made a strategic move in the international education sector by acquiring a majority stake in a UK-based student recruitment company. This acquisition aligns with Crizac's expansion plans, particularly in the South American market.

Acquisition Details

Crizac Ltd has acquired 51% of the equity share capital in Studies Planet.Com Limited, a company specializing in international student recruitment. Here are the key details of the acquisition:

About Studies Planet.Com Limited

Studies Planet.Com Limited, the acquired company, has been operating in the UK since its incorporation in 2007. The company's recent financial performance, as of September 30, 2024, shows:

Strategic Implications

This acquisition is part of Crizac's broader strategy to:

1. Expand into the South American market
2. Enhance its presence in the education sector

The move suggests Crizac's intent to leverage Studies Planet.Com Limited's expertise in international student recruitment to strengthen its position in the global education market.

Transaction Details

While the acquisition price remains undisclosed due to confidentiality reasons, some aspects of the deal have been revealed:

• The transaction will be completed through cash payments.
• Payments may be made in one or more tranches.
• The deal is not classified as a related party transaction.

This strategic acquisition by Crizac Limited demonstrates the company's commitment to growth and diversification in the international education sector. As the education landscape continues to evolve globally, this move could potentially position Crizac to capitalize on emerging opportunities in student recruitment and cross-border education services.