Oyo Extends IPO-Linked Bonus Deadline for Equity Shareholders
Oyo has prolonged the application deadline for its equity shareholders to opt for a bonus issue tied to its anticipated IPO. The new deadline is November 7. Majority stakeholders, including SoftBank and Ritesh Agarwal's entities, are excluded from this issuance. Shareholders will receive options either as fixed or milestone-linked conversions.
- Country:
- India
Travel tech platform Oyo has extended the application deadline for its planned IPO-linked bonus issue for shareholders. Originally set to close on November 1, stakeholders can now make their decisions until November 7. The extension comes after feedback received during the postal ballot process, offering investors sufficient time to evaluate their options.
Eligible shareholders have the choice of receiving one preference share for every 6,000 equity shares held. These can be converted into one equity share or through a milestone-based option, linked to the appointment of bankers for the potential IPO this fiscal year. This extension does not require the submission of a Client Master List (CML).
Significantly, entities such as SoftBank Vision Fund and those associated with Ritesh Agarwal, holders of majority preference shares, will not partake in this issuance. The total dilution from the bonus will be limited to 5% of the share capital on a fully diluted basis. In August, Oyo aimed to file its Draft Red Herring Prospectus in November, targeting a $7-8 billion IPO valuation.
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