Read the full text of Byju Raveendran's letter to shareholders on rights issue, board restructuring

economictimes.indiatimes.com:

Byju Raveendran wrote to shareholders, informing them that the $200 million rights issue is fully subscribed. He also iterated further steps he is taking to ensure transparency on the usage of the funds.

Read the full text of Byju's email to employees:

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Dear Shareholders,

I am reaching out today to take you into confidence on certain pivotal steps towards a brighter future for our company. My deep sense of commitment is bolstered by your support as we embark on this new and exciting journey together.

Our rights issue is fully subscribed and my gratitude to my shareholders remains strong. But my benchmark of success is the participation of all shareholders in the rights issue. We have built this Company together and I want us all to participate in this renewed mission. Your initial investment laid the foundation for our journey and this rights issue will help preserve and build greater value for all shareholders.

I understand that participating in this rights issue may seem like a Hobson’s choice. However, this is the only viable option in front of us today to prevent permanent value erosion. I’m reminded of the words of Abraham Lincoln — “A house divided against itself cannot stand." We must stand together and act in the best interest of the Company.

A lot of media speculation has come about the pricing of the rights issue. Basis discussions, the board decided on a price that would be attractive to all shareholders without straining them. Our aim is for all