The private capital firm Blackstone is leaving the proof of the main educational services Aakash Limited (AEL), selling its remote participation to Ranjan Pai, president of Manipal Education and Medical Group, according to people’s family with the matter.
Although financial terms of the agreement were not revealed, the measure marks a broader consolidation of low Pai control, who is constantly increasing its participation in the company based in Delhi. “Blackstone’s departure is part of a broader consolidation strategy,” said a person with letters on the matter.
Pai, which already has approximately 40 percent of the participation in the AEL, will raise its possession to about 47 percent after the acquisition of the Blackstone equity participation of 6.97 percent. It remains the biggest shareholder in the test preparation commander.
The emails sent to the Aakash and Ranjan Pai Institute did not get an answer to the time of publication.
Aakash Saga: A strategic asset
The transaction occurs at a time when hybrid models that combine learning offline and online are regulating favor, especially as regulatory scrutiny and investor fatigue enthusiasm for EDTECH companies online in line.
“Investors can see the continuous support of Pai as a vote of confidence in the resistance of the out -of -line test preparation,” said another person with knowledge of the matter.
AELS is currently dedicated to a legal dispute with minority shareholders about changes in their association articles (AOA). In February, Singapore Topco with support of Blackstone Withdrewe his request against Aakash before the National Companies Law Court (NCLT), challenging the amendments to propose amendments to the AOA.
At that time, the Court did not have to enforce the resolutions approved at its extraordinary general meeting of November 20 with respect to the elimination of the AOA-B.
The AOA describes the governance framework of a company, defining the rights and responsibilities of its shareholders.
In 2021, the AEL of Byju for approximately $ 950 million, paying almost 70 percent in cash, while the rest would adjust against the capital of their parent company, Think & Learn Private Ltd.
In January 2024, the Medical Group of Manipal Education and Medicine of Ranjan Pai invested $ 300 million in Aakash, acquiring a 40 percent participation when converting the debt into capital into
Posted on April 22, 2025