News on Medial

Byju's secures over 50% votes to increase authorized share capital

Livemint · 1y

Byju's plans to offer renounced shares to shareholders who did not participate in its rights issue in order to prevent further dilution of their shareholding. The move comes after the company gained majority votes to increase its authorized share capital. Byju Raveendran, CEO of Byju's, expressed goodwill towards shareholders despite legal actions taken against the company. Byju's aims to raise $200 million through a rights issue, while facing scrutiny and legal battles over its valuation. The National Company Law Tribunal (NCLT) refused to stay Byju's extraordinary general meeting (EGM) to augment share capital, providing temporary relief. However, challenges from investors questioning the legality of the rights issue still persist.