Byju’s says $200 million rights issue that cuts valuation by 99% fully subscribed

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Byju’s says its recently launched $200 million rights issue has been fully-subscribed, but the startup’s founder urged some of its major investors to participate amid a rift between the edtech group and some of its largest shareholders.

“Our rights issue is fully subscribed and my gratitude to my shareholders remains strong,” founder and chief executive Byju Raveendran wrote in a letter to shareholders. “But my benchmark of success is the participation of all shareholders in the rights issue. We have built this Company together and I want us all to participate in this renewed mission. Your initial investment laid the foundation for our journey and this rights issue will help preserve and build greater value for all shareholders.”

This is a developing story. More to follow.

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