Business · Companies · 9 hrs ago
BYJU’S parent set to hold about 32% of Aakash after settlement
Think & Learn, the insolvent parent company of BYJU’S, is set to hold about 32% of Aakash Educational Services after a settlement over their shareholding dispute.
The stake would be higher than the roughly 25.75% Think & Learn held before a dispute over Aakash’s rights issue.
The settlement includes allotting rights issue shares and transferring existing shares, with no cash payment between Think & Learn, Aakash and investor Manipal Group.
The dispute is part of wider legal and insolvency proceedings involving companies linked to BYJU’S.
Separately, Byju Raveendran has reportedly proposed giving up his claimed interest in Aakash shares as part of efforts to settle Qatar Holding’s claim of more than $235 million against him.
The changes could reshape Aakash’s ownership, but the sources do not say when the settlement will be fully implemented.
Another dispute over ownership of assets auctioned by Think & Learn remains unresolved before the insolvency tribunal.
Think & Learn, the insolvent parent of BYJU’S, is set to hold around 32% of Aakash Educational Services after a settlement of its shareholding dispute with the coaching company.
The stake would be higher than the roughly 25.75% Think & Learn held before Aakash’s ₹240 crore rights issue became the subject of litigation.
The settlement is expected to include allotment of rights issue shares and transfer of existing shares, with no cash consideration.
The reported deal comes amid separate insolvency proceedings and disputes over assets linked to BYJU’S group companies.
- Who
- Think & Learn, Aakash Educational Services and investor Manipal Group are involved in the settlement.
- What
- Think & Learn is set to hold around 32% of Aakash after the shareholding dispute is settled.
- When
- Once the settlement is fully implemented. No date is stated.
- Where
- Aakash Educational Services. The company’s location is not stated.
- Why
- To resolve a long-running dispute over Aakash shares, including shares connected to a rights issue.
Think & Learn
Aakash Educational Services
Shareholding
Think & Learn
Think & Learn is set to receive rights issue shares and existing shares under the settlement.
Aakash Educational Services
Aakash withheld a portion of the shares Think & Learn had subscribed for, and its position on the settlement was not stated.
No direct quotes in the coverage so far.
Think & Learn entered insolvency proceedings after the BCCI approached the tribunal over unpaid sponsorship dues.
Aakash’s ₹240 crore rights issue became the subject of litigation.
Byju Raveendran reportedly proposed relinquishing his claimed beneficial interest in 17.89 million Aakash shares to settle Qatar Holding’s arbitration claim.
The NCLT directed Think & Learn’s resolution professional and Comprint Tech Solutions to maintain the status quo on auctioned assets.
- Expected Think & Learn stake
- Around 32% of Aakash
- Previous recorded stake
- Roughly 25.75%
- Rights issue
- ₹240 crore
- Shares in Raveendran proposal
- 17.89 million, about 5.7% of Aakash’s equity
- Qatar Holding claim
- More than $235 million
Sources
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