Ranjan Pai to pump ₹250 cr into Aakash

The decision follows a legal tussle over Aakash's rights issue

- Salman SH & Sneha Shah

Ranjan Pai's family office, the largest shareholder in Aakash Educational Services Ltd (AESL), plans to invest about ₹250 crore in the ongoing ₹450-500 crore rights offer in tranches, depending on the response of other shareholders and the achievement of certain targets set for the company, three people familiar with the matter said.

The first tranche of about ₹100 crore has been approved and is expected to be disbursed shortly, while the remainder could follow in about three months, subject to certain performance metrics and the participation of other existing investors, the three people said.

Separately, Pai's Manipal Education and Medical Group on Thursday submitted a bid to acquire Byju's, its second such attempt to acquire the bankrupt edtech through an insolvency process. If that bid succeeds, Pai's business will own an additional 25% stake in Aakash, apart from current 58% stake. A Manipal Group statement said that a successful resolution with Think & Learn will "help in business consolidation of Aakash, in which Manipal has a majority shareholding."