Ranjan Pai, chairman of Manipal Education and Medical Group, is set to become the majority shareholder in Aakash Institute, owned by Byju’s, with a reported 40% stake. The Aakash board has approved the conversion of Pai’s $300 million investment into equity, valuing Aakash Institute at around $700 million and making it debt-free. This move follows Pai’s acquisition of Davidson Kempner’s debt exposure in AESL in November 2023. The development positions Ranjan Pai as a key figure in Aakash Institute’s ownership structure, providing financial relief to Byju’s amid challenges in the edtech sector.