Manipal Group's Ranjan Pai In 'Early Talks' To Invest In Byju's-Owned Aakash

Manipal Group's billionaire chairman Ranjan Pai is in early talks to acquire up to $100 million worth of stake in Byju's-owned Aakash Educational Services Ltd., according to a person familiar with the development.

The chairman of the Manipal Education and Medical Group, is looking to buy a partial stake and provide a partial exit to Byju Raveendran, who owns about a 30% stake in Aakash.

The talks are in preliminary stages and could fall through, according to the person, who spoke on the condition of anonymity.

Byju's had acquired Aakash in a cash and stock deal worth about Rs 8,000 crore in 2021. About 70% of the deal was to be executed in cash, with Aakash shareholders and Blackstone getting payouts, while the rest 30% was a equity-swap deal.

The deal could also mark a full circle for Pai, who was a part of the first round of investors in Byju's. Pai is also in talks to invest in PharmEasy, which is set to undertake a rights issue at a steep valuation markdown, BQ Prime had reported earlier.