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(Bloomberg) -- A lender-appointed receiver has taken steps to assume control of a Byju’s unit following months of failed restructuring negotiations and a loan default, according to people with knowledge of the matter. Most Read from BloombergIsrael Latest: Hamas Leaders Targeted as Ground War LoomsApollo CEO Marc Rowan Demands UPenn Leaders Quit Over ‘Antisemitism’IMF Caught Off Guard as China Strikes Sri Lanka Debt DealGoldman Sues Malaysia as 1MDB Settlement Dispute EscalatesHouse Republicans

When the full investment is completed, Pai is set to secure a substantial 20-25 per cent stake in Aakash, while Byju’s personal stake is expected to decrease to approximately 12 per cent. 

In what could be a shot in the arm for Byjus, Manipal Education and Medical Group chairman Ranjan Pai may invest as much as $250-300 million in Aakash Institute, a subsidiary of the troubled edtech firm. This and more in todays ETtech Morning Dispatch.

Great Learning, which Byju’s bought for $600 million in 2021, may now be sold

The group includes some of Byju's largest investors, such as General Atlantic, Prosus, Peak XV, Sofina, Chan Zuckerberg Initiative, and Verlinvest.