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Byju's CEO covers March salaries with personal debt. Blocked rights issue, USD 200M raised earlier. Investors like Prosus, General Atlantic, Sofina involved in NCLT case. Partial payouts made on April 20.
The investors alleged that the company's move to call for rights issue is illegal and contrary to law and sought a stay of it, while the board of directors of the company argued that the investors were creating obstructions to the company
The edtech company plans to go ahead with its raise issue on Wednesday after the NCLT deferred its verdict on a petition filed by Byju’s investors
Shareholders who voted against CEO Byju Raveendran hold more than 60 per cent of the company, including Dutch investment firm Prosus, General Atlantic and Peak XV Partners
Edtech major Think and Learn floated an equity rights issue in January to raise $200 million at an enterprise valuation in the range of $220-250 million which is a 99 per cent reduction from its peak valuation of $22 billion