Byju’s had launched its first rights issue in late January, but a court order directed the company to not tap the funds it had raised through that rights issue after many of its investors opposed the fundraise.
Thursday’s court order is the latest episode in the spectacular collapse of Byju’s, once the world’s most valuable edtech startup.
TechCrunch couldn’t determine exactly how much Byju’s ended up raising in the first rights issue.
In the letter, he urged his estranged investors to give him another chance and participate in the rights issue.
“But my benchmark of success is the participation of all shareholders in the rights issue.
BlackRock, an investor in Byju’s, estimates that its stake of Indian edtech giant, once valued at $22 billion, is now worth nothing.
So it doesn’t come as a surprise that BlackRock has implied a zero valuation to Byju’s.
At the end of October last year, BlackRock had cut the valuation of Byju’s to about $1 billion.
However, the research’s note chart (embedded below) did use zero in the column for estimated value.
The story has also been updated to emphasize BlackRock’s valuation adjustment in its Byju’s stake.
The participating shareholders — whose combined ownership in Byju’s exceeded 60% — also passed the resolution to reconstitute the board of Byju’s.
“At today’s Extraordinary General Meeting shareholders unanimously passed all resolutions put forward for vote.
Late last month, Byju’s launched a rights issue where it sought to raise about $200 million at a massively discounted rate.
Raveendran told shareholders earlier this week that the rights issue had been fully subscribed and requested all existing investors to participate and maintain their ownership.
“[…] I understand that participating in this rights issue may seem like a Hobson’s choice.
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According to the source, Prosus is looking to offload its Autos unit in order to redeploy resources elsewhere. The company is eyeing the Indian and Indonesian markets for potential sale…
