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NEW DELHI, Aug.1, 2023 (TBINN)

Education technology startup Think and Learn Pvt. Ltd, which operates under BYJU’S brand name, has sent a legal notice to founders of Aakash Educational Services following their alleged resistance to complete a share swap that was unconditionally agreed as part of the sale of Aakash Educational Services Ltd (A.E.S.L.), sources said.

In 2021, BYJU’S acquired 33-year-old brick-and-mortar coaching centre A.E.S.L. for nearly U.S.D. 940 million in a cash and stock deal.

Post deal, T.L.P.L. owned 43 per cent while its founder Byju Raveendran another 27 per cent. Founder Chaudhry’s family maintains about 18 per cent in A.E.S.L. and Blackstone the remaining 12 per cent.

The deal envisaged A.E.S.L. merging with T.L.P.L. as it was more tax efficient for the seller Chaudhrys.

May be a graphic of 2 people and text that says "Aakash Medical IIT JEE Foundations BYJU'S The The Learning App"

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