Oravel Stays Private Limited, the parent company of the travel technology platform OYO Hotels & Homes, has approved an increase in the company’s authorized share capital from Rs 1.17 crore to Rs 901 crore from its board of directors.
OYO’s board agreed to promote the authorized share capital from Rs 1,17,80,010 to Rs 9,01,13,59,300 in a general meeting hosted through video conferencing on September 1, 2021. According to the filings, Ritesh Aggarwal’s OYO had proposed to allot 80 Series F2 Compulsorily Convertible Cumulative Preference Shares (CCPS) of Rs 100 apiece, but with the increase in authorized share capital, OYO will be looking to grant 177 Series F2 CCPS of Rs 100 each, indicating that the startup will raise massive capitals from investors in the coming days.
OYO revealed in August that it has picked financial institutions including JP Morgan, Kotak Mahindra Capital, and Citi for its $1.5 billion initial public…