Aakash Educational Services on Wednesday said its shareholders have approved a proposal to raise the company’s authorised share capital, a key step before conducting a rights issue.The company plans to raise funds to support its operational needs.
The proposal was recommended by its board of directors on October 4.
The company conducted an extraordinary general meeting (EGM) after the National Company Law Appellate Tribunal (NCLAT) on Tuesday dismissed a petition seeking a stay on the EGM filed by Byju’s parent firm Think and Learn’s resolution professional (RP), along with its US lenders.
Glas Trust, which represents Byju’s US lenders, argued that the proposed rights issue would reduce Think and Learn’s stake in the coaching…