01 August 2023, 01:51 PM IST
Baiju Ravindran, who has a 30 percent stake in Akash, may hand over a portion of it to Pai.
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byeAkashil Manipal Group Chairman Dr. Ranjan Pai may invest. Reports suggest that $80-90 million (Rs 740 crore) may be invested. In this regard, the first stage of discussions is going on.
Baiju Ravindran, who has a 30 percent stake in Akash, may hand over a portion of it to Pai. Aakash is also expected to invest $200 million (Rs 1,600 crore). Discussions in this regard with sovereign wealth funds are ongoing. Byjus also hopes that once Pi comes on board, it will be easier to attract other investors.
The amount will be used to repay the Rs 800 crore loan raised from Davidson Kempner Capital Management in May. The shares given as collateral for the loan will be redeemed. Akash Educational Services is one of the best acquisitions of Byjus. The acquisition was for billion dollars in 2021.
Prominent entrepreneur and investor Pai recently sold a part of Manipal Hospitals to Temasek of Singapore. This was the largest ever deal by a private equity fund in the healthcare sector in the country. Pai also heads the management of the Manipal Group of Education. Ranjan Pai first invested in Byjuice in 2011 through venture capital fund Arin Capital. He owned one-third of the shares then.
It is estimated that if the funding is successful, ByJuice’s parent company Think and Learn Pvt Ltd will be able to overcome the liquidity constraints to some extent.
2023-08-01 08:21:39
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