OYO raises authorised share capital Rs 900 cr

The Board of Oravel Stays Private Limited, operator of the travel technology platform OYO has approved the increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore, according to a regulatory filing.
The development comes ahead of its much-anticipated IPO, for which DRHP is likely to be filed in the next few months.
Sources said that the move is a precursor to the initial public offering (IPO).

According to people in the know, OYO has initiated discussion with investment banks including JP Morgan, Citi and Kotak Mahindra Capital to manage its public issue slated to raise between $1.2-1.5 billion at a valuation range of $14 billion-16 billion.

Authorised capital is the maximum amount of capital that a company is authorised to issue at any point of time. Such limit is decided by the shareholders and is prescribed in the Memorandum of Association, constituent document of the company.

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