The chairman of Manipal Education and Medical Group, Ranjan Pai, and Edtech giant BYJU'S are engaged in a financial battle as the former seeks to overcome obstacles and seize chances.
Manipal group head Ranjan Pai will soon become the largest shareholder in Aakash—one of the few remaining valuable assets of troubled edtech Byjus. This and more in todays ETtech Morning Dispatch.
Ranjan Pai, chairman of Manipal Education and Medical Group, is set to emerge as the largest shareholder in Byjus-owned Aakash Institute, with a 40% stake, people aware of the matter said. The Aakash board has approved the conversion into equity of the $300 million Pai invested during 2023, they added.
The Aakash board has approved the conversion into equity of the $300 million Pai invested during 2023, they added. This values the company — one of the remaining valuable assets for Byju Raveendrans troubled edtech group — at around $700 million and renders it debt-free.