In relief for troubled edtech major Byju’s, Manipal Education and Medical Group chairman Ranjan Pai has bought the debt investment of US-based asset management firm Davidson Kempner in a `1,400-crore deal.
According to industry sources, Pai will get a seat on the board of Aakash Educational Services, which is Byju’s largest asset. He will also have the right to nominate two more representatives. There are currently six members on the Aakash’s board, including two representatives from Kempner, who will exit.
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