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Byju’s founder may use Aakash stake to get cash lifeline

The Arc Web

The Arc Web · 1y ago

Byju’s founder may use Aakash stake to get cash lifeline

Byju Raveendran is reportedly planning to use his direct shareholding in Aakash, a test-prep chain, to generate liquidity for his edtech group, Think & Learn. He aims to raise approximately Rs 600 crore to finance operations and settle dues. Aakash has attracted interest from investors like Ranjan Pai of Manipal Group. Raveendran has already arranged funds by pledging his properties and personal shares. Think & Learn is also evaluating options to find buyers for its international businesses. The company has undergone a massive restructuring exercise and reduced over 5,000 jobs.

Related News

Manipal Group's Pai offers ₹300 cr loan facility to BYJU'S: Report

Business Today

Business Today · 1y ago

Manipal Group's Pai offers ₹300 cr loan facility to BYJU'S: Report

Ranjan Pai, the founder of Manipal Hospitals Group, has offered a Rs 300 crore loan facility to Think & Learn Pvt. Ltd, the parent company of Byju's. This financial arrangement is part of a larger transaction that aims to facilitate a partial exit for the Chaudhry family from Aakash Educational Services Ltd. The investment is expected to help plug Byju's working capital and cash flow requirements and may reach a total investment of $300 million by Pai. Additionally, the transaction could involve the swapping of a portion of the Chaudhry family's Aakash shares into Think & Learn, potentially increasing the company's stake in Aakash to over 51 percent.

Aakash and Byju’s merger application withdrawn

Thehindubusinessline

Thehindubusinessline · 1y ago

Aakash and Byju’s merger application withdrawn

Think and Learn, the parent company of edtech firm Byju's, and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition. The merger, which was part of a cash-and-stock deal worth $940 million, has hit a roadblock as AESL's founder, the Chaudhry family, refused to complete the share swap due to governance issues. Moreover, Byju's has sent a legal notice to AESL's founders over their alleged resistance to complete the share swap. Byju's is facing a cash crunch and is dealing with an oppression and mismanagement case filed by a group of investors.

Byju’s taps private equity funds to prepare for Aakash sale

Economic Times

Economic Times · 1y ago

Byju’s taps private equity funds to prepare for Aakash sale

Byju's founder, Byju Raveendran, has initiated talks with private equity firms Bain Capital and KKR to explore the sale of a majority stake in Aakash Educational Services Ltd (AESL), which is considered a valuable asset for the edtech company. This move comes as Byju's prepares for potential consolidation. The talks are still at an exploratory stage.

Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

Economic Times

Economic Times · 1y ago

Ranjan Pai may put $50-60 million more to grow Byju’s Aakash

According to the article, Ranjan Pai, the chairman of education group Manipal Education and Medical Group, is considering investing an additional $50-60 million to support the growth of edtech companies Byju's and Aakash. Pai already holds a stake in Byju's and recently acquired a majority stake in Aakash. This investment would further bolster the expansion plans of both companies, as they aim to tap into the increasing demand for online education amid the COVID-19 pandemic.

Aakash and Byju’s merger application withdrawn

Thehindubusinessline

Thehindubusinessline · 1y ago

Aakash and Byju’s merger application withdrawn

Byju's and Aakash Educational Services Ltd (AESL) have withdrawn their merger petition at the National Company Law Tribunal (NCLT) hearing. The merger between the two edtech companies was part of a cash-and-stock deal worth $940 million, with Byju's acquiring AESL in April 2021. However, the share-swap deal has hit a roadblock as the founders of AESL have refused to complete the swap due to governance concerns. Byju's has also sent a legal notice to the founders. Byju's is facing additional challenges, including a cash crunch and an oppression and mismanagement case filed by investors.

Supreme Court prevents Byju’s-owned Aakash from diluting minority investors | Company Business News

Livemint

Livemint · 9m ago

Supreme Court prevents Byju’s-owned Aakash from diluting minority investors | Company Business News

The Supreme Court has directed Aakash Educational Services, a subsidiary of Byju's, not to implement a resolution to amend its Articles of Association that was passed at its extraordinary general meeting. This comes after minority shareholder Blackstone alleged that the proposed amendments would dilute their rights and interests. The court has instructed Aakash to appeal to the National Company Law Appellate Tribunal (NCLAT) and the stay on implementing the resolution will remain until the NCLAT hearing. The dispute revolves around the amendments that minority shareholders argue would dilute their stake in Aakash, a company acquired by Byju's in 2021.

Byju’s wins legal tussle over stake dispute with Aakash Institute

Business Today

Business Today · 1y ago

Byju’s wins legal tussle over stake dispute with Aakash Institute

Edtech startup Byju's has won a legal battle against its lenders in a dispute over its subsidiary Aakash Institute. The civil court in Bengaluru dismissed the plea by Byju's lenders challenging the acquisition of a 40% stake in Aakash Institute by Manipal Group Chairman Ranjan Pai. The lenders argued that the debt-to-equity conversion at a reduced valuation harmed Byju's parent company, but the court ruled against them. This victory comes amidst various challenges faced by Byju's, including insolvency proceedings and board disputes.

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Inc42 · 1y ago

BYJU’S-Owned Aakash Institute Unlikely To See Chaudhry’s Return

Aakash Education's operating revenue for the financial year ended March 31, 2023, is expected to have surpassed INR 2,000 crore. Aakash Institute, owned by BYJU's, has decided not to reappoint Aakash Chaudhry as CEO and instead, the board and management council, led by Ranjan Pai, will guide the business. Pai is set to become the primary investor in Aakash. In FY23, Aakash Education's operating revenue is projected to reach INR 2,325.1 crore, indicating a 63% growth compared to the previous year. However, the figure fell short of BYJU's estimate of INR 3,000 crore.

Now, Arbitrator Orders BYJU’S To Not Sell Aakash Shares Over Breach Of Loan Terms

Inc42 · 1y ago

Now, Arbitrator Orders BYJU’S To Not Sell Aakash Shares Over Breach Of Loan Terms

An arbitrator has instructed BYJU’S, the edtech company, not to sell 4 million shares of its subsidiary Aakash Educational Services. The order came as a response to Ranjan Pai’s MEMG Family Office initiating arbitration proceedings against BYJU’S over breach of terms of a $42 million loan. According to the loan agreement, BYJU’S was meant to transfer a certain number of shares of Aakash Education to MEMG Family Office. BYJU’S has been asked to refrain from disposing of the 4 million shares, which amount to a 6% stake in the coaching institute.

BYJU’S-Owned Aakash Chalks Out ‘2.0’ To Boost Operations

Inc42 · 11m ago

BYJU’S-Owned Aakash Chalks Out ‘2.0’ To Boost Operations

Aakash Educational Services is implementing a revamping strategy called 'Aakash 2.0' to expand its operations and improve efficiency. The company is also planning to establish hybrid learning centers. Regarding its association with BYJU's, the CEO and MD of Aakash clarified that they are now a separate entity and recent developments of BYJU's should not affect their operations. Recently, Aakash downsized its workforce by letting go of around 80-100 employees over the past few months.

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