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IPO bound OYO to become public ltd co.
September 15, 2021
Shareholders of Oravel Stays, the parent organization of hospitality company OYO, have approved the conversion of the organization from a private limited organization to a public limited organization, as indicated by a regulatory filing.
Subject to receipt of any essential approvals from any government, legal or administrative power, the name of the organization be and is therefore changed from Oravel Stays Private Limited to Oravel Stays, according to a Registrar of Companies (RoC) recording by the organization.
The organization expects to list its equity shares on at least one stock trades to enable shareholders with a formal marketplace for dealing with equity shares.
For this reason, the organization proposes to undertake an initial public offering, it added.
“To undertake the offer, the situation with the organization is needed to be transformed from a privately owned business limited by shares to a public organization limited by shares,” the filing said.
This is by all accounts the last significant permission from the Ministry of Corporate Affairs, to empower OYO to apply to markets regulator Sebi an application for public listing.
Last week, the leading body of Oravel Stays Private Limited had approved an increase in the authorized share capital of the organization from ₹1.17 crore to ₹901 crores.
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