Blackstone and the Chaudhary family mulling sale of stakes in Aakash
The two who have an 18% stake in the educational services company are reportedly in talks with private equity investors
Private equity company Blackstone and the Chaudhary family who founded Aakash Educational Services Limited (AESL) are mulling the sale of their residual 18% stake in the test-prep company, said a news report citing sources privy to the matter.
The move comes at a time when the institute is entering a new academic year reportedly with students enlisting in good numbers. Deepak Mehrotra who recently joined as CEO of AESL is reportedly keen on expanding the reach of the company apart from enhancing its offerings.
With positive impact anticipated for AESL, the shareholders Blackstone and the Chaudhary family are reportedly are looking to sell their stakes to private equity investors who are keen to get a foothold in the company, which a subsidiary of Think & Learn Private Ltd.
Recent reports also say that AESL could be in investors' sights for possible mergers and acquisitions. Bain Capital, Warburg Pincus and KKR are reportedly in the fray.
Profits of the test-prep company reportedly surged to 82% to Rs 79.5 crore, reporting a 45% rise in revenue.
In January this year, Ranjan Pai—the Chairman of Manipal Education and Medical Group—bought 40% of AESL’s stake. Other majority shareholders include Think & Learn and Byju Raveendran.
