The Chaudhry family has told Byju’s it will not exchange the 18% stake they still hold in Aakash, which Byju’s had acquired in 2021.
It looks like the Aakash-Byju’s saga is headed to court.
The Chaudhry family, which founded Aakash Educational Services, has told Byju’s that they are terminating their merger and fallback agreement, according to two people aware of the matter, who asked not to be named; i.e. the Chaudhrys will not swap their remaining 18% in Aakash for Byju’s equity. Blackstone, the American private equity firm, which was an investor in Aakash, has also dragged its feet on moving ahead with the share swap; Blackstone still holds 12% in Aakash. It has told Byju’s that it is not “contractually not obligated to …
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