Byju s floated a rights issue in January to raise $200 million at an enterprise valuation in the range of $220-250 million which is a 99 percent reduction in its peak valuation of $22 billion
The EGM scheduled for March 29 will include a vote on increasing Byju s authorised share capital which will give effect to the rights issue floated by the company to raise funds to tide over its massive liquidity crisis
This comes at a time when the company has been engaged in a dispute with its investors regarding the validity of the funds raised from a recently concluded rights issue offering.