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Camshaft says Byju’s unit beneficial owner of $533 million funds
Camshaft disclosed in court filings this week that some $533 million it managed for Byju's Alpha, a U.S. unit of Indian edtech group Byju's, was Camshaft revealed in court filings this week that some $533 million it managed for Byju's Alpha was transferred to another 100% and U.S.-based subsidiary of Byju's.
The firm further added that the Credit Agreement it signed with the lenders didn’t mandate how it used the funds, nor required a specific amount to maintain as collateral. Camshaft Capital attracted media attention last year after lenders of Byju’s questioned the legitimacy of the wealth advisor as they claimed the $533 million was a collateral for a $1.2 billion they had lent to the Indian startup. Byju’s, valued at $22 billion in early 2022, is also ensnared in a legal battle with some of its shareholders in Bengaluru who have been attempting to revoke a rights issue at the edtech group.
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