OYO applies for conversion into public limited company

Hospitality major OYO's parent company Oravel Stays Private Ltd has filed an application, seeking to become a public limited company.

Regulatory filing with the Registrar of Companies showed that shareholders of Oravel Stays Pvt Ltd have approved the conversion of the company into a public limited company.

Post the approval from the Ministry of Corporate Affairs, the name of the company would be changed to Oravel Stays Ltd.

"The company intends to list its equity shares on one or more stock exchanges to enable the shareholders to have a formal market place for dealing with such equity shares. For this purpose, the company proposes to undertake an initial public offering of the equity shares," its said.

The development comes after the the board of Oravel Stays approved the increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.

According to people in the know, the travel tech major is likely to file its DRHP with market regulator SEBI in the next couple of months.

It aims to raise $1.2-1.4 billion at a valuation of $14-16 billion. The IPO-bound company is said to have finalised JP Morgan, Citi and Kotak Mahindra Capital to manage its public issue - IANS