A $300 million commitment from investors has been given to Think and Learn, the parent company of BYJU'S, for its ongoing rights issue, which is expected to close by the end of February.

A 99 percent reduction in its peak valuation of $22 billion was achieved through an equity rights issue in January.

The company has offered irritated investors the option of appointing two independent directors to enhance openness, but only after launching a rights sale and announcing its financial performance for the fiscal year 2023.

As of today, BYJU's has received a total commitment of around $300 million for the rights. Some investors have also urged the company to expand the rights issue's scope, but the priority for the company is to resolve the existing issue with flying colors.

Negotiations are also underway with angry investors for their participation in the rights issue.

BYJU's is also in discussion with angry investors. The firm anticipates that they will also make investments, or else their stake in the firm could plummet by nearly half.

The fiscal year 2023 financial result is expected to be closed in this quarter, ensuring that the firm is in full compliance with the regulations. Two independent directors will be appointed to the board by the company. The proposal is part of an ongoing discussion with investors who have called for an EGM on February 23.

The EGM notice is supported by General Atlantic, Peak XV, Sofina, Chan Zuckerberg, Owl, and Sands, all of whom hold a 30 percent stake in BYJU'S.

It expects more investors to join them at the upcoming February 23 EGM, after which they will approach the National Company Law Tribunal to reconstitute BYJU's board.