ET was the first to report on November 6 that Manipal had emerged as a potential bidder for Think & Learn and its assets.
The group said in a statement that it has conveyed its intention to review the company’s financial and operational information to assess for a potential resolution plan.
This is MEMG’s second submission of an EoI after the resolution professional (RP) of Think & Learn, Shailendra Ajmera, extended the deadline for such submissions to November 13, from the earlier cut-off date of September 24.
Prospective buyers will have the option to acquire either the entire Think & Learn, or select assets of the company, including its Aakash Institute stake and other businesses such as GeoGebra, WhiteHat Jr and Toppr. The assets up for sale also include inventory, receivables, furniture and fixtures, the Byju’s Learning app, along with other intangible assets and course content, ET had reported.
“Manipal Group’s EoI gains significance, as a successful resolution of TLPL by Manipal will help in business consolidation of Aakash,” it said. Manipal is the largest shareholder in Aakash Educational Services, the coaching centre operator where it has steadily increased its stake to 58% now.