Byju s floated a rights issue in January to raise $200 million through equity rights issue at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction in its peak valuation of $22 billion.
The investors in Byju’s had sought an injunction against the sale of shares of Aakash Educational Service by citing a default in payment of a loan of over Rs 11,000 crore obtained from US lenders.
Their protest over a markdown in Aakash’s value seems strange, given the insolvency pleas filed against its cash-strapped owner Byju’s and the massive blow the latter’s valuation has taken.
This is the second plea to be registered at NCLT against Byju s, first being the plea filed by Board of Control of Cricket in India (BCCI) in November 2023.