Now, Blackstone objects to Aakash Educational Services' debt conversion

Think & Learn Pvt Ltd, which operates under Byjus brand name, is currently the major shareholder of Akash Education Services, a physical tutorial company

Yet another storm is brewing at Byju’s, with Blackstone, the US-based private-equity firm that owns 12 per cent in Akash Education Services (AES), objecting to Aarin Capital Partners converting its debt into equity in AES.

This, said Blackstone, would dilute its (Blackstone’s) stake in AES, a Byju’s subsidiary.

The debt of $300 million, when converted into equity, will increase the stake of Bengaluru-based billionaire Ranjan Pai-led Aarin Capital Partners in AES to 39 per cent and dilute the stake of existing shareholders, including Blackstone.

The debt conversion is happening at a lower equity valuation of $600 million for AES when