Tech giant Microsoft Corporation has invested nearly $ 5 million (approximately Rs.37 billion) in Oyo through the issuance of shares and mandatory convertible cumulative preference shares on a private placement basis through the latter, according to a government filing by the hotel chain. An extraordinary general meeting of Oravel Stays Pvt Ltd rupee equivalent of $ 4,971,650 to Microsoft Corporation on a private placement basis, “according to a RoC filing by the company.
As part of the transaction, Oyo will issue 5 shares of Rs 10 par value for cash at an issue price of US $ 58,490 per share in Indian rupees.
The Assembly also approved the issuance of 80 F2 Series CCCPS, denominations of Rs 100 each, for cash at an issue price of $ 58,490 per F2 Series CCCPS.
The F2 Series CCCPS will be issued with a minimum preferred dividend rate of 0.01 percent per year and will have priority over the company’s shares in terms of repayment of principal, the filing states.
The terms of the F2 CCCPS Series are covered for all purposes by the “Shareholders Agreement” dated July 29, 2019 between the Company, Microsoft Corporation, Ritesh Agarwal and certain other parties (as amended, supplemented, superseded, or from time to time replaced at time) she added.
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Read Now In July, Oyo announced that it would raise $ 660 million (nearly Rs.4,920 billion) in TLB funding from global institutional investors to be used for debt settlement and other corporate investments. TLB refers to a tranche of senior secured syndicated credit facilities from global institutional investors.