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Economic Times

Economic Times

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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.

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