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$200 Million Rights Issue Fully Subscribed, Board Restructuring Planned: Byju Raveendran

OutlookIndia

OutlookIndia · 1y ago

$200 Million Rights Issue Fully Subscribed, Board Restructuring Planned: Byju Raveendran

Edtech firm Byju's has successfully raised funds of $200 million in a recent rights issue, according to CEO Byju Raveendran. In a letter to shareholders, Raveendran expressed gratitude for their participation, stating that this funding will help the company address its current liabilities and fuel growth. At the same time, a group of major investors has called for the removal of Raveendran and his family members from the board, with a vote expected to take place on Friday. Raveendran expressed confidence in the company's future prospects and pledged transparency in the use of funds.

Related News

Byju's drags investors to court, HC grants relief ahead of EGM

Economic Times

Economic Times · 1y ago

Byju's drags investors to court, HC grants relief ahead of EGM

Byju's parent company, Think & Learn, is involved in a legal battle with investors who want to remove founder Byju Raveendran and his family from the board. The Karnataka high court has issued an interim order invalidating any resolutions made at the Friday extraordinary general meeting (EGM) until Byju's petition against the investors is heard. Meanwhile, Byju's has informed shareholders that its $200 million rights issue is fully subscribed. Raveendran has proposed restructuring the board and appointing two non-executive directors, aiming to increase shareholder representation and enhance engagement.

Rights issue subscribed, will appoint agency on capital use and update shareholders: Byju Raveendran

Economic Times

Economic Times · 1y ago

Rights issue subscribed, will appoint agency on capital use and update shareholders: Byju Raveendran

Byju's CEO, Byju Raveendran, informed shareholders that the $200 million rights issue has been fully subscribed, ahead of an extraordinary general meeting where a group of investors is aiming to remove him as CEO. Raveendran also mentioned plans to restructure the board and appoint two non-executive directors to increase shareholder representation. In an effort to ensure transparency, a third-party agency will be appointed to monitor the usage of funds raised through the rights issue, with quarterly reports provided to shareholders. Raveendran expressed concern about vested interests acting against the company during a cash crunch.

Top Investors May Opt Out Of Byju’s $200 Mn Rights Issue

Inc42 · 1y ago

Top Investors May Opt Out Of Byju’s $200 Mn Rights Issue

BYJU'S top investors, including Prosus NV, Peak XV Partners, General Atlantic, and Sofina SA, may not participate in the edtech company's $200 million rights issue. These investors collectively hold a 25% stake in BYJU'S parent company, Think and Learn Pvt Ltd, and have filed a petition against the rights issue, citing oppression and mismanagement. Meanwhile, BYJU'S CEO Byju Raveendran confirmed in a letter to shareholders that the rights issue had been fully subscribed. The company's board composition and leadership have also been questioned, with investors calling for an extraordinary general meeting to discuss changes.

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Byju Raveendran, the founder and CEO of edtech giant Byju's, has confirmed that the company's $200 million rights issue is fully subscribed ahead of the extraordinary general meeting (EGM) on Friday. Raveendran assured shareholders that the funds raised will be used transparently and emphasized the importance of their participation in the rights issue to preserve and build value for all shareholders. He also mentioned taking steps to restructure the board, appoint non-executive directors, and appoint a third-party agency to monitor the usage of funds. Raveendran expressed confidence in Byju's resilience and highlighted the company's ongoing growth and upcoming AI-powered tool, Byjus Wiz.

Byju's $200 million rights issue fully subscribed: CEO Raveendran

Livemint

Livemint · 1y ago

Byju's $200 million rights issue fully subscribed: CEO Raveendran

Byju's $200 million rights issue has been fully subscribed, according to founder and CEO Raveendran. He urged all shareholders to participate in the "renewed mission" and stated that the company will appoint a third-party agency to monitor the usage of funds raised through the rights issue. Raveendran's comments come amidst a group of shareholders calling for an extraordinary general meeting to oust top management. He offered restructuring the Board and appointing two non-executive directors after the audit of financial year 2023 is complete.

Byju Raveendran, family won’t attend EGM called by investors

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju Raveendran, family won’t attend EGM called by investors

Byju's founder Byju Raveendran and other board members will not attend the extraordinary general meeting (EGM) called by a group of investors seeking Raveendran's removal as CEO. Byju's claims that the EGM is invalid and in violation of the company's articles of association (AOA) and shareholder agreement. The Karnataka High Court has ordered that no resolutions from the EGM be implemented until the final hearing of Byju's plea. The edtech firm, facing financial difficulties, has fully subscribed to a $200 million rights issue, with founder Raveendran contributing around $45-$46 million. The Enforcement Directorate has requested a lookout circular against Raveendran.

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Economic Times

Economic Times · 1y ago

Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

Byju Raveendran, the founder and CEO of Byju's, informed shareholders that the $200 million rights issue has been fully subscribed. He emphasized the importance of all shareholders participating in the rights issue to prevent value erosion and preserve and build greater value for the company. Raveendran addressed concerns regarding the pricing of the rights issue, stating that the chosen price is attractive and equitable for all shareholders. He also highlighted his personal commitment to the company, including investing $1.1 billion over the past two years. Raveendran pledged to restructure the Board and appoint two non-executive directors to increase shareholder representation. To ensure transparency, a third-party agency will monitor the usage of funds raised. Despite challenges, Byju's has seen growth in website and app traffic. Raveendran expressed confidence in the future success of the company and encouraged shareholders to join in the rights issue.

[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors

Inc42 · 1y ago

[Live Updates] BYJU’S At War: Everything You Need To Know About Byju Raveendran’s Battle With Investors

The management of BYJU'S, an edtech giant, is facing a battle with its investors who are seeking to reconstitute its board and remove founder Byju Raveendran. The investors are calling for an extraordinary general meeting (EGM) to be held on February 23. BYJU's has taken the matter to the Karnataka High Court, but the EGM is expected to proceed. Raveendran has announced that the company's $200 million rights issue has been fully subscribed and has offered to restructure the board and add two non-executive directors. The court has issued an interim order stating that decisions made at the EGM will not be effective until at least March 13.

Byju’s $200 m rights issue fully subscribed, says CEO Raveendran

Thehindubusinessline

Thehindubusinessline · 1y ago

Byju’s $200 m rights issue fully subscribed, says CEO Raveendran

Edtech giant Byju's successfully raised $200 million through a rights issue, according to CEO Byju Raveendran. This comes after the company announced plans to raise funds through a rights issue in January. Raveendran expressed gratitude towards shareholders but also urged major investors to participate, amid a rift between Byju's and some of its largest shareholders. The company is facing financial challenges and some investors are seeking to replace the leadership and restructure the board. Raveendran committed to board restructuring and appointing non-executive directors after the FY23 Audit. Byju's is also set to launch an artificial intelligence tool called Byju's Wiz.

Byju’s says $200 mn raise done, to appoint two investor directors

The Arc Web

The Arc Web · 1y ago

Byju’s says $200 mn raise done, to appoint two investor directors

Indian edtech giant Byju's has successfully raised $200 million through a rights issue. The funding will cover existing liabilities and provide growth capital for the company. In this funding round aimed at existing investors, Byju's adjusted its pre-money valuation to $20 million. As part of the rights issue, the company will appoint two non-executive directors to its board. This move comes as a consortium of investors seeks to remove founder Byju Raveendran and reconstitute the board, expressing concerns over leadership and stability. Raveendran emphasized the importance of unity and support for the rights issue.

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