India's Byju's seeks investors for Aakash Education stake, ET Now reports
30 Jun 2023
AcquisitionIPO
BENGALURU, June 30 (Reuters) - Embattled Indian edtech startup Byju's is looking for investors to sell a part of its stake in the educational institute Aakash Education Services, television news channel ET Now reported on Friday, citing sources.
Byju's holding company, Think and Learn (THIK.NS), is looking to dilute up to 20% of its total 70% equity stake in Aakash Education, sources told ET Now.
The company bought Aakash Education for $950 million in 2021.
The talks with prospective investors are early and preliminary, the broadcaster reported in a tweet.
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Byju's declined to comment on the report.
The reported plans of stake offloading come as a sharp contrast to the edtech's earlier plans of listing Aakash Education through an IPO by mid-2024.
Byju's, embroiled in legal and financial woes, saw three of its independent directors and auditor Deloitte sever ties with the company last week.
Reporting by Hritam Mukherjee in Bengaluru; editing by Eileen Soreng
Our Standards: The Thomson Reuters Trust Principles.
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