New Delhi, Nov 10 (SocialNews.XYZ) Edtech major Byju’s on Friday settled dispute with Davidson Kempner Capital Management as Manipal Education and Medical Group Chairman Ranjan Pai bought out the debt investment of Davidson Kempner in Aakash Education Services Ltd (AESL) in a likely deal worth around Rs 1,400 crore.
Informed sources told IANS that Pai will partner Byju’s in steering Aakash forward.
The family office of Pai took over the debt exposure of Davidson Kempner in AESL, as he partners with primary shareholder Byju’s and its founder Byju Raveendran in steering the leading tutorial chain forward, sources said.
Pai paid out Davidson Kempner in a bilateral debt transaction on Friday as an entity of Pai purchased all the non-convertible debentures (NCDs) of Davidson Kempner on NSE Cbrics platform.
The loan dispute with Davidson Kempner was a corporate hangover on AESL and its settlement along with Pai’s entry mark significant milestones for Think and Learn Private Ltd (TLPL), the parent company of Byju’s, as it navigates a business restructuring amid a challenging macro funding environment.
The latest development paves the way for Raveendran and Pai to work with Think and Learn shareholders in strengthening AESL’s corporate framework as well as its offline and online market presence.
Pai is also in discussions to buy additional stakes in AESL shortly, according to sources.
It is worth noting that Pai's proprietary fund, Aarin Capital, was the first institutional investor in Byju’s back in 2013.
Source: IANS
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