Byju Raveendran, the founding father of embattling edtech group Byju’s, has made a last-ditch try to placate disgruntled traders, informing them that the board is weighing a proposal of renounced shares to stop dilution of their holdings forward of validating a current rights subject that cuts the Indian startup’s valuation by 99%.

In an electronic mail to shareholders Friday morning, a replica of which For Millionaires has reviewed, Raveendran stated the startup’s board is contemplating to make the provide regardless of the “animosity” displayed by a number of the traders who’re pursuing “uncalled for authorized actions.”

Raveendran additionally knowledgeable the shareholders that the startup has already obtained over 50% votes required to extend the licensed share capital within the startup to take into impact the fully-subscribed $200 million rights subject. Byju’s is holding a unprecedented common assembly Friday, the place it’s going to try to move the decision over the rights subject. The rights subject values Byju’s underneath $250 million, a surprising drop from the $22 billion valuation the startup boasted in early 2022.

Prosus Ventures, Peak XV Companions and Chan Zuckerberg Initiative are among the many traders who didn’t take part in Byju’s current $200 million rights subject. The traders have as an alternative sought, utilizing authorized means, to take away Raveendran and his household from the startup and to invalidate the rights subject.

“I’ve at all times constructed Byju’s with a spirit of equality and fairness, and it has by no means been my intention to go away any investor behind, no matter their shareholding dimension,” Raveendran wrote in Friday electronic mail. “From the very inception of this firm, my imaginative and prescient has been to take everybody alongside, from one milestone to a different. And it has at all times been my conviction that we are going to overcome our challenges collectively.”

Prosus, Peak XV and Chan Zuckerberg Initiative have expressed issues concerning the governance practices on the startup, which has additionally repeatedly didn’t well timed produce its monetary accounts lately. The traders stop the startup’s board whereas the worldwide auditing big Deloitte dropped the account of Byju’s over these issues final yr.

“Even my critics recognized that I’ve invested my every part, and much more, into this firm,” Raveendran wrote Friday. “So, I hope that you will notice the worth in persevering with with Byju’s in the identical spirit with which you first joined our journey.”