Shares of Aptech rose more than 10 percent to lock at upper circuit on Thursday after the company announced its foray into the preschool education sector through a strategic alliance with the city-based Montana International Preschool.

Aptech: Quotes, News

BSE 76.920.26 (-0.34%)

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Also media report said that the promoter Rakesh Jhunjhunwala and other family members raised the stake in the company to 49.30 percent.

Branded Montana International Preschool powered by Aptech (MIPA), the alliance intends to set up 1,000 preschools in India over the next two years.

"MIPA aims to stimulate young children's curiosity and provide positive learning experiences through active learning. In addition to world-class pedagogy, internationally recognised curriculum, MIPA will offer first of its kind App enabling child safety monitoring, live view of child's activity in class, on-demand child video conferencing, along with host of other features", the company said.

Anuj Kacker, executive director, Aptech Ltd said, "Preschool education market in India is about Rs 16,000 crore. At 23 per cent CAGR this is fastest growing segment in the education landscape."

As per media report, promoter Rakesh Jhunjhunwala and other family members raised the stake in the company to 49.30 percent.

Shares of Aptech were seen trading at Rs 175.05 higher by 10 per cent on BSE.

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