Byju's promoters have sold stake worth $408.5 mn since 2015-16: Report

This has taken the promoter shareholding in Byju's to 21.2 per cent currently from 71.6 per cent in 2015-16

Since 2015, the promoters of Byju's, Byju Raveendran, Divya Gokulnath and Riju Ravindran, have sold shares worth $408.5 million through secondary transactions, The Hindu Businessline (BL) reported on Tuesday, citing data from PrivateCircle Research.

This has taken the promoter shareholding in the edtech firm to 21.2 per cent currently from 71.6 per cent in 2015-16.

Riju Ravindran, brother of Byju Raveendran, has sold the highest number of shares among the three. He has sold 337,911 shares worth $375.83 million since 2015. He is followed by Raveendran's wife, Divya Gokulnath, who has sold 64,565 shares worth $29.4 million. Raveendran has sold 29,306 shares worth $3.28 million.

In a recent town hall address to employees, Raveendran said they would reinvest the money from the secondary sales.

Currently, the promoters of the company hold a 21.2 per cent stake. Raveendran holds the highest stake in the firm at 15.9 per cent. Gokulnath holds 3.3 per cent stake.

The BL report also said that the secondary deals were often executed at a discounted valuation as compared to Byju's primary valuation.

The data also showed that since 2012, when Byju's was founded, Raveendran had purchased 31,960 shares. Gokulnath has purchased 4,666 shares. Ravindran has purchased 100 shares. The value of these transactions cannot be ascertained.

Citing sources, BL reported that the family's entire money received from the secondary sales had been reinvested in the business.