Supreme Court Rejects BYJU'S Attempt to Block Aakash Rights Issue

On February 18, 2026, the apex court ruled against Think & Learn Pvt Ltd, the parent of BYJU'S, clearing the way for Aakash Educational Services Limited (AESL) to continue its capital raise, as per news reports. 

Supreme Court Dismisses BYJU'S Bid to Stall Aakash Rights Issue 

The bench headed by Justice P.S. Narsimha set aside the plea filed by Think & Learn, permitting AESL to issue the second tranche of its rights issue amounting to ₹140 crore.  

The court also directed BYJU'S to subscribe to the issue by February 23, 2026, within its proportional shareholding limit. 

Structure of the ₹240 Cr Rights Issue 

AESL proposed a two‑tranche rights issue totalling ₹240 crore. The first tranche of ₹100 crore was completed earlier, while the second tranche of ₹140 crore is now cleared to proceed.  

Shareholders had approved an increase in authorised share capital in October 2025 to accommodate the raise. 

Read More: Jane Street Takes Legal Privilege Issue to Supreme Court Amid Tax Dispute! 

Legal Background and Court Orders 

Think & Learn had approached the National Company Law Appellate Tribunal (NCLAT) to halt the rights issue, but the tribunal approved the plan on February 3, 2026.  

Subsequent challenges in the National Company Law Tribunal and the Supreme Court were unsuccessful, leading to the current order. 

Impact on BYJU'S Shareholding 

The rights issue is expected to dilute BYJU'S stake in AESL from roughly 26% to below 5%. BYJU'S acquired a controlling interest in 2021 for close to $950 million‑$1 billion.  

Ranjan Pai’s family office, which holds 39.6% of AESL, plans to invest an additional ₹250 crore through the rights issue. 

Conclusion 

The Supreme Court decision removes legal obstacles for AESL’s ₹240 crore rights issue, confirming the second tranche of ₹140 crore can proceed and outlining the subscription timeline for BYJU'S. 

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