The National Company Law Tribunal has directed to start insolvency proceedings against OYO Hotels and Homes Pvt Ltd on March 30, according to a public announcement by the interim resolution professional.
Hospitality firm OYO is planning to raise up to $1.2 billion (around Rs 8,000 crore) through an initial public offering and is expected to file the draft red herring prospectus with Sebi next week, sources told PTI on Thursday. OYO has appointed investment banks like JPMorgan, Citi and Kotak Mahindra Capital to manage its public issue, they added. Comments from OYO could not be obtained at the time of filing the story. The proposed initial public offer (IPO) plan of the hospitality firm follows the spectacular success of Zomato's IPO that ended with a bumper oversubscription on July 16, and was biggest since March 2020.
Hospitality firm OYO is looking to raise $600 million (over Rs 4,380 crore) in debt from the US institutional investors to service its existing loans, sources in know of the matter said on Thursday. The company is raising $600 million in a term loan B (TLB) structure, the sources said. The company is taking the TLB to service its existing loans which are on higher interest rates, they added.
Hospitality firm OYO will be shifting to a 4-day work week, OYO founder and group CEO Ritesh Agarwal said in a tweet on Wednesday, as the company also launched a no questions asked flexible infinite paid leaves initiative. Agarwal in a tweet noted that COVID-19 continues to test the physical and mental well-being of people. One thing that truly matters is having more time for our loved ones and ourselves.
Currently, the company is present in over 259 Indian cities, with over 8,700 buildings (hotels and homes) and more than 173,000 rooms.
Oyo has recently undergone large-scale corporate restructuring, setting up several subsidiaries and bifurcating operations globally.
'Co-living is a phenomenon that is bound to strike the right chord with young people everywhere and India will lead the charge as the testing ground for all such ideas.'
As regular promotional discounts and offers rolled out by well-funded apps determine the demand trend, online hospitality aggregators face growing discontent from restaurants and hotels over commissions and pricing power.
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