“Byju’s Shareholders Approve Resolution to Increase Authorized Share Capital in EGM”
Shareholders of edtech major Think and Learn, owner of the Byju’s brand, raised no objection to the resolution to increase authorized share capital of the company in the extraordinary general meeting held on Friday, according to company sources.
According to the sources, none of the disgruntled investors, who had proposed to oust Byju’s founder and family from the management seat, participated in the meeting.
“The meeting started at 10 am with approximately 20 investor representatives in attendance along with Think & Learn management. The requisite quorum required for the EGM was present. A few questions regarding the postal ballot were asked and answered by the chairman and company secretary. Resolutions were called out, and no objections were raised,” the sources said.
Byju’s held the EGM to increase the authorized share capital of the company to complete the process for raising USD 200 million through a rights issue.
A group of four investors — Prosus, General Atlantic, Sofina, and Peak XV — along with support from other shareholders, including Tiger and Owl Ventures, have approached the National Company Law Tribunal (NCLT) against Byju’s EGM.
The six investors jointly hold a 32 percent stake in the company.
“The meeting ended at 10:30 AM. Further details on the voting and culmination of the Rights Issue will be shared later post scrutinizer’s report. Contrary to media reports, none of the disgruntled investors attended the EGM personally to raise any of their concerns,” a Byju’s source said.
A source from the investor side contested the claim and said that the authorized representatives of all investors attended the EGM.
“Nobody boycotted it. People can vote either at EGM or postal so we will not know the result until after April 6,” the source said.
The option to vote on the Byju’s resolution through postal ballot will close on April 6.
Sources Of Information: Business Standard
