Microsoft-OYO Deal: Microsoft invests Rs 37 crore in OYO
Microsoft-OYO Deal: Microsoft Corporation, the world’s leading company in the IT sector, has invested around Rs 37 crore ($5 million) in India’s budget hotel chain OYO. OYO has given this information during the regulatory filing this week. Let us tell you that OYO is preparing to bring its IPO soon and after this investment, the company’s valuation has increased to about 668 billion rupees ($ 9 billion).
Microsoft has made these investments through equity shares and Compulsorily Convertible Cumulative Preference Shares (CCCPS). Let us tell you that Airbnb, China’s Didi Chuxing and Grab are strategic investors in OYO. The company’s founder and CEO Ritesh Agarwal had informed in July that OYO is preparing to bring its IPO soon.
In the information given by OYO, it has been said that the company running the OYO Rooms hotel chain, Aravel Stage Pvt. Ltd. In its general meeting held on July 16, it has been approved to issue F2 CCCPS and equity shares of the company to Microsoft Corporation on a private allotment basis for an aggregate amount of about Rs 37 crore.
Under the deal, OYO will issue five equity shares worth Rs 10 each at an issue price of approximately Rs 43 lakh 45 thousand ($58,490). Apart from this, 80 CCCPS worth Rs 100 of the F2 series has also been approved to be issued in the same way, at a price of about 43 lakh 45 thousand rupees ($ 58,490) per series.
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