Aakash Institute, a subsidiary under the umbrella of Byju’s, has purportedly chosen to refrain from reinstating Aakash Chaudhry as the chief executive officer (CEO) of the conventional coaching institution.
Board and Management Transition
As per reports from ET, the governing board and management committee of Aakash, in conjunction with Ranjan Pai, are anticipated to spearhead the direction of the enterprise and are inclined to designate a fresh chief executive.
Prominent Transformation
This development signifies a significant departure from earlier deliberations, where the stakeholders were contemplating a resurgence to oversee day-to-day operations. Presently, Pai has emerged as the primary financier in the organization.
Ownership Landscape
Despite the leadership alteration, the Chaudhrys still retain an approximate 11% stake in Aakash, with investment entity Blackstone holding 7%. The residual ownership is divided between Byju Raveendran and Think & Learn.
Financial Infusion
In November 2022, Ranjan Pai infused an estimated $200 Mn into Aakash to aid Byju’s in settling its outstanding debt to Davidson Kempner. Reports suggest that Pai’s overall investment in Aakash, inclusive of equity conversions finalized the previous year, totals approximately $300 Mn.
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