Byju's and its lenders, who own more than 85% of the edtech startup's $1.2 billion term loan, have agreed to work towards amending that loan by August 3, the steering committee of the creditors group said on Monday.
According to a statement made earlier today by the Directorate of Enforcement (ED), three Bengaluru premises related to the education platform Byju and its billionaire CEO Byju Raveendran have undergone searches and seizures for possible violations of the nation s foreign exchange rules.
Discussions with Churchill Capital's SPAC about the deal, that could happen in mid-2022, are in advanced stages with plans to raise around $4 billion, the report added.