Byju’s shareholders approve rights issue

BENGALURU: In a huge relief for Byju’s, 55% of its shareholders have approved the vote for an increase in authorized share capital put forth in the form of a postal ballot and the Extraordinary General Meeting (EGM) held on March 29, 2024. The voting process, which included both the EGM and a postal ballot that concluded on April 6, 2024, has been duly scrutinised by an independent third party, the edtech firm on Monday said.

The approval of the EGM proposals paves the way for Think & Learn Private Limited, the parent company of Byju’s, to issue fresh shares and conclude the rights issue aimed at tackling the liquidity crunch, including unpaid salaries, regulatory dues and vendor payments, the company said.