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Legal Breather For BYJU’S As Court Rejects Lenders Challenge Against Pai’s Aakash Stake Buyout

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  1. Lenders of BYJU’S $1.2 billion term loan filed a petition in a Bengaluru court seeking an ex-parte injunction on the transaction involving Ranjan Pai’s conversion of debt into equity in Aakash Institute, a subsidiary of BYJU’S.
  2. The lenders raised concerns about the conversion of debt into equity at a reduced valuation of $600 million, arguing that it adversely affects the interests of Think & Learn’s lenders.
  3. Manipal Education and Medical Group’s (MEMG) chairman Ranjan Pai sought to acquire a 40% stake in Aakash Institute by converting a loan of about $250-$300 million into equity.
  4. However, the civil court in Bengaluru declined to grant the plea by BYJU’S lenders challenging Pai’s stake buyout in Aakash Institute.
  5. This development comes amidst challenges faced by BYJU’S, described as a beleaguered edtech giant, indicating the complexities involved in its financial transactions and stake acquisitions.
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