Bankrupt Byju’s parent Think and Learn has received a single bid from Ranjan Pai-led Manipal Education and Medical Group (MEMG).
Resolution professional Shailendra Ajmera has extended the EoI submission deadline to November 13, from the earlier September 24.
The extension aims to draw more bidders for either the entire firm or select assets.
Think and Learn Pvt Ltd, the bankrupt parent company of edtech firm Byju’s, has reportedly received a single bid for its assets from Ranjan Pai-led Manipal Education and Medical Group (MEMG). The company’s resolution professional, Shailendra Ajmera, has extended the deadline for submitting expressions of interest (EoIs) to November 13.
The earlier cut-off date was September 24.
According to The Economic Times (ET), the extension aims to attract more bidders to acquire either the entire Think & Learn entity or select assets of the company, including its stakes in Aakash, GeoGebra, WhiteHat Jr, and Toppr.
It is understood that MEMG has submitted a bid for the 25% stake that Think & Learn holds in Aakash Educational Services.
The Ranjan Pai-led group, which operates one of India’s largest hospital chains, already owns a 58% stake in Aakash. These shares were acquired from private shareholders and converted in exchange for bonds.
Byju’s had acquired Aakash for $950 million in 2021 but later lost control of it amid a severe cash crunch. In 2023, it raised ₹2,000 crore from Davidson Kempner via non-convertible debentures (NCDs) backed by Aakash’s cash flows, which were later bought out by Ranjan Pai for ₹1,400 crore. In January 2024, Manipal converted these NCDs into equity, acquiring a 40% stake in the company. Since then, it has expanded its holding by purchasing additional shares from Blackstone and Aakash founder J.C. Chaudhry.
Battle for Aakash
Meanwhile, Byju’s and its creditors are in dispute with the current Aakash board over a rights issue. The proposal, approved by Aakash’s majority shareholders on October 29, was challenged in court. However, as the Supreme Court declined to intervene, the issue proceeded and opened on November 3. It will close on November 17. The move is expected to reduce Think & Learn’s shareholding in Aakash from 25.75% to 6.12%.
Glas Trust, which represents Byju’s US lenders, along with Think & Learn, opposed the rights issue in court, alleging it was intended to dilute Think & Learn’s stake and formed part of a series of unlawful actions by Aakash’s board to undermine the holding company’s rights. Glas Trust holds 99.41% of the voting share in Think & Learn’s committee of creditors.
