Aakash puts share allotment to Byju’s parent firm on hold

AAKASH EDUCATIONAL SERVICES (AESL) has deferred the allotment of shares to Think & Learn (TLPL), the parent company of Byju’s, as part of a ₹100-crore rights issue, citing potential violations of foreign exchange and external borrowing norms, according to a statement.

- FE BUREAU

As part of the rights issue, AESL allotted shares to Manipal Group and Beeaar Investco, which contributed around ₹58 crore and ₹16 crore, respectively, proportionate to their shareholding of 58.8% and 16%, the statement said.