Business

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.

read also

India Corona Updates: 34 thousand new cases came in the country in 24 hours, 375 patients died

Video of US Army rescuing Afghani child went viral, handed back to father after treatment

.

Show More

Shivam Bangwal

Shivam Bangwal is a young entrepreneur who hails from Uttarakhand. Shivam is a professional full time Digital Marketing and PR expert with a post graduation degree of Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Branding Panther and Digital Leader.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button