29 March 2024 – Byju’s, the embattled edtech firm, extends an olive branch to dissenting investors, including Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus, inviting them to participate in the rights issue within 72 hours.
Offer to Dissenting Investors:
Byju’s invites shareholders who did not participate in the funding round to join the rights issue, emphasizing the company’s commitment to inclusivity and collective growth. Byju Raveendran expresses his vision of unity and overcoming challenges together, highlighting the importance of shareholder participation in the company’s turnaround story.
The National Company Law Tribunal (NCLT) refuses to defer an extraordinary general meeting related to the rights issue, listing the case for hearing on April 4 to address various issues, including an oppression and mismanagement plea filed by investors.
Byju’s rights issue, aimed at raising $200 million, has been fully subscribed, with founder Raveendran contributing significantly to preserve his shareholding amidst a cash crunch and leadership challenges.
Conclusion:
Byju’s gesture to dissenting investors reflects its commitment to collaborative growth and resolving internal challenges transparently. The company’s efforts to navigate legal proceedings and financial restructuring underscore its determination to sustain and thrive in the edtech landscape.
