Byju Raveendran, the founder of embattled edtech firm Byju’s, has reached out to disgruntled investors by inviting them to participate in the $200 million rights issue to prevent dilution of their shareholding.

The olive branch to the miffed investors was offered just before the extraordinary general meeting of Think & Learn Pvt Ltd (TLPL), the parent of Byju’s, on Friday. The EGM sought investor permission to increase the authorised share capital following the rights issue.

Shareholders at the EGM did not object to the resolution moved by Byju’s parent. The result is likely to be known after the last date of voting on April 6. Shareholders have the option of either casting their vote through a postal ballot by April 6 or at the EGM.

Raveendran has been at loggerheads with a group of investors — Prosus, General Atlantic, Sofina, and Peak XV.

The quartet along with support from shareholders, including Tiger and Owl Ventures, had approached the National Company Law Tribunal (NCLT) against the EGM.

They had filed an oppression and mismanagement suit against the management before the NCLT as it sought to oust the founders, including Raveendran, and appoint a new board. On Thursday, the Bengaluru bench of the tribunal declined to stay the meeting.

In a letter written early on Friday, Raveendran reached out to the shareholders who had yet to subscribe to the rights issue.

The Byju’s founder said the company has got more than 50 per cent votes through the postal ballot to increase the authorised share capital.

“I am aware that some of our valued existing shareholders were unable to participate earlier in the rights issue. The board is showing good faith towards all our shareholders and would like all of you to be part of our turnaround story,” he said in the letter.

“While we have received significant interest from third parties, our priority remains with our existing shareholders and hence we are looking at how we can extend this opportunity to all of you.

“In good faith, the board is considering making an offer of renounced shares to existing shareholders to ensure that there is no more dilution to their shareholding. We will share more details with you shortly’’, he added.

Raveendran further pointed out that from the inception of the company, his vision has been to “take everyone along, from one milestone to another. And it has always been my conviction that we will overcome our challenges together. The last two years were tough, but please be assured that our comeback will be stronger than our setback’’.

In an interim order on February 27, the NCLT had said the funds received by the company through the rights issue should be kept in a separate escrow account and not withdrawn until the matter is disposed of by the tribunal.