Byju Raveendra reaches out to shareholders ahead of crucial EGM

CHENNAI: Amid mounting losses and turmoil, Byju Raveendran, Founder and Chief Executive of the Ed-tech firm, has issued a letter promising board restructuring and an external committee to oversee deployment of funds.

The move comes as a group of shareholders have called for an extraordinary general meeting of the company this week to oust Byju and his family members from the company’s director board.

He also said the company’s rights issue is fully subscribed. A rights issue is a way for a company to raise funds by issuing shares to existing shareholders in proportion with their current shareholding.