Aakash Stake to Rise to Around 32% After Settlement
The Aakash stake move
Think & Learn Pvt Ltd (TLPL), the insolvent parent of BYJU’S, is set to hold around 32% in Aakash Educational Services after a settlement resolving its long-running shareholding dispute with the coaching company.
The stake will be higher than the roughly 25.75% TLPL held before Aakash’s ₹240 Cr rights issue became the subject of litigation. The settlement will include allotment of rights issue shares and transfer of existing shares to TLPL, with no cash consideration for the deal involving TLPL, Aakash and the Manipal Group.
What Aakash does
Aakash is a coaching company.
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Why the Aakash stake matters outside India
The proposed settlement involving Aakash shares could affect the coaching company’s ownership structure and Qatar Holding’s recovery efforts.
Byju Raveendran reportedly proposed relinquishing his claimed beneficial interest in 17.89 Mn Aakash shares, representing about 5.7% of Aakash’s equity, to settle Qatar Holding’s arbitration claim of over $235 Mn. However, the settlement terms and the extent to which they would address the fund’s claims remain unclear.
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