Edtech giant Byju’s has reportedly resolved a dispute with Davidson Kempner Capital Management as Ranjan Pai, the Chairman of Manipal Education and Medical Group, acquired the debt investment of Davidson Kempner in Aakash Education Services Ltd (AESL), the deal is estimated to be worth around Rs 1,400 crore.
Ranjan Pai will collaborate with Byju’s in steering Aakash Education Services forward. In a bilateral debt transaction on Friday, Ranjan Pai's family office took over the debt exposure of Davidson Kempner in AESL. This move allows Pai to partner with Byju’s and its founder, Byju Raveendran, in advancing the leading tutorial chain.
The resolution of the loan dispute with Davidson Kempner represents a significant development for Think and Learn Private Ltd (TLPL), Byju’s parent company, as it undergoes business restructuring in a challenging funding environment.
The settlement opens the door for Raveendran and Pai to work together with Think and Learn shareholders in enhancing AESL's corporate framework and strengthening its presence in both offline and online markets.
Additionally, Pai is reportedly in talks to acquire additional stakes in AESL in the near future. It's worth noting that Pai's proprietary fund, Aarin Capital, was the first institutional investor in Byju’s in 2013.
(With Agency Inputs)
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