Friday, April 12, 2024
Outlook India
Outlook Business

Ranjan Pai

Manipal Group chairman Ranjan Pai is set to become the largest shareholder in Aakash Institute with a 40 percent stake in the company after the legal win.

After major investors Blackrock and Prosus cut the valuation of the edtech firm to $1 billion and $3 billion, respectively, the latest rights issue pegs the pre-money valuation at a meagre $25 million, slumping more than 99% from its peak valuation of $22...

The news comes after reports of Prosus NV, a Netherlands-based global investment firm, sent a notice to Ranjan Pai

According to ET reports, Blackstone and Prosus NV have written to BYJU’S parent entity Think and Learn, expressing their concerns about the matter.

Aakash Institute's board approved converting Pai's $300 million investment in 2023 into equity

InCred Capital Onboarded Suchitra Subramanian from HSBC Global Private Bank and Philipp Orgler from Deutsche Bank