With 40% stake, this billionaire to be single-largest shareholder in Byju's-owned Aakash. He is…

Byju's acquired Aakash Institute in April 2021 for $950 million (approx. ₹7885 crore).

Published on: Jan 25, 2024, 12:23:30 IST

By HT News Desk, New Delhi

Prefer HTon Google

Share via

Copy link

Manipal Group chairman Dr Ranjan Pai, whose real-time net worth stands at $2.8 billion (as per Forbes), has become the single-largest shareholder in Byju's-owned Aakash Institute, after the latter's board approved the conversion into equity of $300 million invested by him in 2023, Economic Times has reported.

A man walks past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branches in New Delhi

Upon conversion, Pai's investment gives him a 40% stake in Aakash, making him the single-largest shareholder in the entrance exam preparation franchise, purchased by Byju's in April 2021 at $950 million (approx. ₹7885 crore).

“The board has approved the conversion, and Pai is now the largest shareholder. He has been closely involved with (Byju's co-founder and CEO Byju) Raveendran in sorting out the Davidson Kempner debt issue and other matters too. ‘The Pai factor’ will be critical for the fate of both Aakash and Byju's,” a person aware of the developments told the publication.

Additionally, the conversion of the billionaire doctor's investment into equity, values Aakash at $700 million, rendering it debt-free. Cumulatively, however, Raveendran, who co-founded the troubled edtech giant that was once India's most valuable startup; and its parent company Think & Learn, continue to hold 42% in Aakash, while the remaining 18% lies with the Chaudhry family (Aakash's promoters) and private equity firm Blackstone.

Further, the Manipal Group chairman, 72, gets an additional seat on the Aakash board, having secured the anti-trust regulator's approval for his investment.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News on Petrol Price, Gold Rate, Silver Rates, Diesel Prices along with Income Tax Calculator