New Delhi, Nov. 13 -- Ranjan Pai's family office, the largest shareholder in Aakash Educational Services Ltd (AESL), plans to invest about Rs.250 crore in the ongoing Rs.450-500 crore rights offer in tranches, depending on the response of other shareholders and the achievement of certain targets set for the company, three people familiar with the matter said.

The first tranche of about Rs.100 crore has been approved and is expected to be disbursed shortly, while the remainder could follow in about three months, subject to certain performance metrics and the participation of other existing investors, the three people said.

Separately, Pai's Manipal Education and Medical Group on Thursday submitted a bid to acquire Byju's, its second such...