BYJU’S is seeking to raise as much as $250 million through the issuance of convertible notes by Aakash Educational Services. Separately, the Abu Dhabi Investment Authority may be nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions for about $500 million.
Aakash to issue convertible notes at 20% discount
Edtech firm BYJU’S is seeking to raise as much as $250 million through the issuance of convertible notes by its tutoring service unit Aakash Educational Services, Bloomberg reported on Thursday.
Aakash Educational Services will issue the notes that will convert into equity at a discount of 20% to the listing price of the unit’s planned initial public offering, the report said.
The company declined to comment.
BYJU’S acquired Aakash for about $950 million in 2021. Discussions to raise funds in Aakash started after talks with private equity firm TPG and two Middle-Eastern sovereign wealth funds for a capital increase at the parent level were delayed during due diligence, they said.
Deal may value Lenskart at over $4b
The Abu Dhabi Investment Authority is nearing a deal to acquire a stake in Indian eyewear startup Lenskart Solutions for about $500 million, Bloomberg reported.
The Middle-Eastern sovereign wealth fund is finalising an agreement to buy a mix of existing Lenskart shares and new equity.
The deal, which would value Lenskart at more than $4 billion, may be announced as early as this week, the report said.
Though discussions are advanced, details could still change, the report said.