SUMMARY
BYJU’S said that 55% of the shareholders voted in favour of increasing the share capital during the postal ballot and its EGM
The approval of the EGM proposals paves the way for BYJU’S parent Think & Learn to issue fresh shares and conclude the rights issue aimed at tackling the liquidity crunch
Earlier, the startup said that its $200 Mn rights issue, at a valuation cut of 99%, was fully subscribed
Over a month after it closed its $200 Mn rights issue, troubled edtech major BYJU’S said that a majority of its shareholders voted in favour of increasing the company’s authorised share capital.
In a statement, the edtech giant said that 55% of the shareholders voted in favour of increasing the share capital during the postal ballot which concluded on April 6 and extraordinary general meeting (EGM) held on March 29.
“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 startup said.
(This is a breaking story, will be updated soon.)
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
