SynopsisUnder the proposed arrangement, Think & Learn would get the stake in exchange for withdrawal of litigation initiated by the company and its lenders against Aakash and Manipal, they said. Reuters earlier reported that the lenders were seeking an about 30% stake in Aakash and that legal action against Byju’s founder, Byju Raveendran, would be dropped.The settlement proposal that Think & Learn Pvt Ltd’s lenders have approved involves the parent of Byju’s getting roughly 30% in Aakash Educational Services, but it currently is only an initial plan and not a binding deal, people aware of the matter said.It is a non-binding term sheet, laying out the broad commercial terms, and doesn’t yet have the formal approval of Aakash and the coaching centre operator’s largest shareholder, the ManipalNow Playing
Byju's-Aakash settlement offers 30% stake, not binding yet - The Economic Times
Under the proposed arrangement, Think & Learn would get the stake in exchange for withdrawal of litigation initiated by the company and its lenders against Aakash and Manipal, they said. Reuters earlier reported that the lenders were seeking an about 30% stake in Aakash and that legal action against Byju’s founder, Byju Raveendran, would be dropped.
128 words~1 min read
