Byju's-owned Aakash Educational Services Ltd. has reworked its board amid debt covenant talks with hedge fund Davidson Kempner Capital Management.
A Byju's spokesperson confirmed the development to BQ Prime.
"The AESL board is being strengthened with three Think and Learn (BYJU'S) nominees and two independent directors," the spokesperson said in a statement on Friday.
Last month, Bloomberg had reported that Davidson Kempner was not fully disbursing a $250 million loan it had extended to Byju's as some loan agreement covenants were not met.
The management of the coaching centre chain continues to be the same, according to the filings in the Ministry of Corporate Affairs, LinkedIn and Aakash's website.
Davidson Kempner declined to comment on the rejig.
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 an equity-swap deal.
The edtech giant is also in the middle of resolving loan terms with lenders of the $1.2-billion term loan B.
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