Byju Raveendran, CEO of Think and Learn, the parent company of Byju’s, raised personal debt to partially pay March salaries of employees. The partial payouts, estimated at Rs 25-30 crore, were credited on April 20, with amounts varying between 50-100% of salaries. While teachers and lower-tier employees received full payments, the company faced financial constraints due to blocked funds from a $200 million rights issue. Legal challenges from investors regarding the rights issue could impact the company’s shareholding pattern, with a hearing scheduled for April 23.
Byju’s CEO Raises Personal Debt to Partially Pay March Salaries
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