Kochi: Manipal group Chairman Dr Ranjan Pai is planning on acquiring stakes in Ed-tech company Byju's-held entrance training institute chain Aakash. The founder, Byju Raveendran has a personal stake of 30 per cent in Aakash and Manipal group plans on acquiring this for Rs 700-800 crore.

Byju Raveendran hopes to elevate his company out of its current financial crisis with this amount. Byju’s has defaulted in the repayment of the loan it secured from US based investment firm, Davidson Kempner and this had created a crisis.

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Byju will be able to pay off nearly Rs 800 cr of debt with the proceeds from the sale of stakes. With this, it is estimated that the crisis the company faces will be temporarily alleviated.

Meanwhile, a section of Akash’s shareholders are opposing the proposed share transfer.