Macquarie Capital Lowers Investment Value in Byju's by 80%

Macquarie Capital has lowered the value of its investment in troubled Indian education platform Byju’s by 80 per cent after investors accused the asset manager of inflating the value of the company to justify earning higher fees.

Julius Baer clients who invested in a Macquarie fund for struggling Indian tech company Byju’s will pay significantly less in fees after the bank marked down its value.A spokeswoman for Macquarie said: “The established and agreed process for retrospectively assessing valuation at the end of each year, including the engagement of an independent valuer, was followed, and this has been communicated to investors.

Macquarie’s valuation still exceeds other Byju’s backers that reduced their own appraisals last year. BlackRock slashed Byju’s by 95 per cent to $US1 billion in January, while Dutch investment firm Prosus lowered the company’s worth to less than $US3 billion last November.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Macquarie Capital’s $46m investment in Plutora turned into $1Macquarie Capital poured $46m into Plutora, but sold its stake for a dollar, and administrators have met to try to figure out what is left in its operations.
Source: FinancialReview - 🏆 2. / 90 Read more »