OYO Simplifies Shareholder Structure Amidst Concerns
OYO has decided to retract its current bonus issue proposal and announce a simplified structure for shareholders. The move comes after feedback on the complexity of the earlier proposal and the short application window. The new structure will ensure equal participation for all shareholders, including those with small holdings and CCPS holders.
- Country:
- India
Travel-tech giant OYO has stepped back from its initial bonus issue proposal in response to shareholder feedback, opting for a simplified structure for all shareholders that promotes equality and transparency.
The decision follows criticism over the brief three-day application period and complicated nature of the former Compulsorily Convertible Preferential Share (CCPS) resolution. OYO plans to introduce a more streamlined approach, ensuring all shareholders are included, without the need for an application process.
The company, owned by PRISM, aims to ease the process for all equity holders, stating that the new proposal will align with the Companies Act, 2013, and is set to be unveiled shortly. OYO also confirmed its plans for a USD 7-8 billion IPO valuation, with intentions to file its Draft Red Herring Prospectus (DRHP) in November.
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