Byju’s on Friday concluded a crucial EGM without objections to increase share capital in absence of dissenting investors.
According to sources, none of the four dissenting investors Peak XV Partners, General Atlantic, Chan-Zuckerberg Initiative, and Prosus joined the EGM that went on for about half an hour.
A few hours before the EGM, Byju’s had reached out to the dissenting investors, urging them to join the rights issue in the next 72 hours. The peace offering was reportedly extended to the four dissenters.
There were about 20 investor representatives in attendance along with Think & Learn management. Raveendran, in a letter to shareholders, said the company had received more than 50 percent of votes in favor of increasing the authorized share capital.
The result of the rights issue won’t be out until April 6. “I have always built Byju’s with a spirit of equality and equity, and it has never been my intention to leave any investor behind, regardless of their shareholding size,” Raveendran wrote in the letter. “From the very inception of this company, my vision has been to take everyone along, from one milestone to another. And it has always been my conviction that we will overcome our challenges together.”
Also read: New lizard species discovered in India reminds of van Gogh’s painting
