Ed-Tech Firm Byju's To Raise $200 Million Through Rights Issue
NDTV
Byju's, which is backed by investors such as General Atlantic, Prosus and Silver Lake, did not say if they have already approached any shareholders nor at what price or by when it aims to complete the fundraise.
Indian ed-tech startup Byju's said on Monday it will raise $200 million through a rights issue of shares to clear "immediate liabilities" and for other operational costs, as the cash-strapped company aims to stabilise its business.
Byju's, which is backed by investors such as General Atlantic, Prosus and Silver Lake, did not say if they have already approached any shareholders nor at what price or by when it aims to complete the fundraise.
The company has been roiled by a string of setbacks, with the latest being a group of lenders initiating bankruptcy proceedings against it. It has also been negotiating the repayment of a $1.2 billion term loan in the last few months.
