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
Byju Raveendran, founder and CEO of Byju s, said in a letter to shareholders that despite the “animosity shown by some of the investors in pursuing uncalled for legal actions”, the company continues to show ‘good faith towards all the shareholders and would like them to be part of the turnaround story.
Byju s raised share capital for a USD 200 million rights issue at the EGM, with investors opposing founder s ouster. NCLT and Karnataka HC are involved amidst mismanagement concerns and a USD 22 billion valuation.
Byjus held an extraordinary general meeting (EGM) this morning to increase its authorised share capital. None of the participating investors objected to the proposal.
The meeting saw about 20 investor representatives in attendance, along with Think & Learn management, the parent company of Byju’s. Few questions regarding the postal ballot were asked and resolutions were called out while no objections were raised in the 30-minute meeting. Byju’s EGM on Rights Issue Ends Without Objections, Dissenting Investors Skip Meeting.