Ranjan Pai has become the largest shareholder in Aakash

The Manipal Group scion has converted the debt he took over from US-based investment fund Davidson Kempner Capital Management to a 40% stake in the test-prep company.

Ranjan Pai, the co-founder of Aarin Capital, which was Byju’s earliest backer, now owns 40% in Aakash Educational Services, the test-prep company that Byju’s bought for nearly $1 billion (around Rs 7,000 crore) in 2021, two people in the know told The Morning Context, both requesting anonymity.

“Ranjan has taken over the loan from DK and has now converted that into equity in the company,” says one of the persons quoted above. “The loan agreement between DK and AESL gave DK wide powers like high interest rates, all kinds of collaterals and the right to convert their debt into equity.” …

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Pradip K. Saha

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