Edtech

BYJU’S Shareholders Approve Share Capital Increase; Dissenting Investors Absent

• ByStartupStory     |    March 30, 2024

In a statement released by BYJU’S, company sources indicated that the EGM commenced at 10 am with approximately 20 investors’ representatives in attendance, alongside management from Think & Learn. “The requisite quorum required for EGM was there. Few questions regarding the postal ballot were asked and answered by the chairman and CS. Resolutions were called out. No objections raised,” the sources stated.

The purpose of the EGM was to approve the increase in authorised share capital, facilitating the completion of a $200 million fundraising initiative through rights issues. Despite reports of opposition from certain investors, including Prosus, General Atlantic, Sofina, and Peak XV, alongside support from Tiger and Owl Ventures, none of these stakeholders voiced dissent during the meeting.

“Meeting ended at 10:30 AM. Further details on the voting and culmination of Rights Issue will be shared later post scrutinizer’s report. Contrary to media reports, none of the miffed investors attended the EGM personally to raise any of their concerns,” a BYJU’S source clarified.

However, a source from the investor side contradicted this claim, asserting that authorised representatives of all investors did indeed attend the EGM. “Nobody boycotted it. People can vote either at EGM or postal so we will not know the result until after 6 April,” the source emphasized.

The option to vote on the BYJU’S resolution through postal ballot will remain open until April 6, offering shareholders an additional avenue to express their stance on the matter.

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