Shareholders of Oravel Stays, the parent company of hotel company OYO, have approved the transformation of the limited liability company into a public limited company, according to a regulatory filing.
Subject to receipt of all necessary approvals from any governmental, statutory or regulatory authority, the name of the company is and is hereby changed from Oravel Stays Private Limited to Oravel Stays, in accordance with the filing of a company registrar (RoC) by the company.
The company intends to list its equity shares on one or more stock exchanges to provide shareholders with a formal market for dealing with equity shares.
To this end, the company proposes to proceed with an IPO, he added.
“In order to undertake the offer, the company’s status must change from a private company limited by shares to a public company limited by shares,” the file indicates.
This appears to be the last significant authorization from the Ministry of Commercial Affairs, to allow OYO to apply to market regulator Sebi for a listing on the stock exchange.
Last week, the board of directors of Oravel Stays Private Limited approved an increase in the authorized share capital of the company from Rs 1.17 crore to Rs 901 crore.
OYO is expected to file its draft red herring prospectus (DRHP) with Sebi in the coming months, sources say.
OYO has started talks with investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its $ 1.5 billion public offering, which is expected to raise $ 1.2 billion to $ 1.5 billion in a valuation range. between $ 14 billion and $ 16 billion, the sources said.
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