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.
Manipal Chairman Ranjan Pai Poised to Emerge as Majority Shareholder in Aakash Institute
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