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

Economic Times · 8m

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.