New Delhi: IPO-bound hospitality major OYO’s parent company Oravel Stays Private Ltd has applied for conversion into public limited company. Shareholders of Oravel Stays Pvt Ltd have approved the conversion of the company from a private limited company to a public limited company, PTI reported quoting a regulatory filing.Also Read - Arjun Rampal Breaks Silence On Gabriella Demetriades Brother's Arrest In Drug Case | Read Full Statement
Subject to receipt of any necessary approvals from any government, statutory or regulatory authority, the name of the company be and is hereby changed from Oravel Stays Private Limited to Oravel Stays Ltd, as per a Registrar of Companies (RoC) filing by the company, PTI reported. Also Read - CSK vs KKR Dream11 Team Prediction, Fantasy Hints VIVO IPL 2021 Match 38: Captain, Vice-Captain – Chennai Super Kings vs Kolkata Knight Riders, Playing 11s T20 Match at Sheikh Zayed Stadium 3:30 PM IST September 26 Sunday
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- The company intends to list its equity shares on one or more stock exchanges to enable shareholders with a formal marketplace for dealing with equity shares. For this purpose, the company proposes to undertake an initial public offering, according to the PTI report.
- “In order to undertake the offer, the status of the company is required to be changed from a private company limited by shares to a public company limited by shares,” the filing said.
- This seems to be the last significant permission from the Ministry of Corporate Affairs, to enable OYO to apply to markets regulator Sebi an application for public listing.
- Last week, the board of Oravel Stays Private Limited had approved an increase in the authorised share capital of the company from Rs 1.17 crore to Rs 901 crore.
- OYO is likely to file its draft red herring prospectus (DRHP) with Sebi in the next couple of months, PTI report says.