Nov 18, 2024 02:01 PM IST
Oyo acquired US-based hospitality chain Motel 6 and Studio 6 from Blackstone Actual Property for $525 million in September this yr
Oyo’s founder and CEO Ritesh Agarwal could personally make investments ₹550 crore into the corporate because it seems to broaden globally as a part of a proposal which will probably be taken up through the firm’s extraordinary normal assembly (EGM) on December 9 as a particular decision.
The emblem of OYO, India’s largest and fastest-growing lodge chain, put in on a lodge constructing is pictured in an alley in New Delhi(Reuters)
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Agarwal will probably be shopping for greater than 12.9 crore shares at ₹42.60 every, which can enhance his stake from 30% to 32%. It is a 45% premium in comparison with his final buy in August 2024.
This may worth Oyo near ₹32,000 crore, in keeping with a Moneycontrol report.
Oyo lately acquired US-based hospitality chain Motel 6 and Studio 6 from Blackstone Actual Property for $525 million in September this yr; A transfer to broaden operations within the US market.
Oyo initially acquired launched within the US in 2019 and operated greater than 320 resorts throughout 35 states. In 2023, it added near a 100 resorts to its US portfolio and now goals so as to add round 250 resorts in 2024.
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Oyo’s earlier funding spherical value $175 million was was led by Agarwal and included participation from household workplaces and personal traders together with InCred Wealth, J&A Companions – the household workplace of Mankind Pharma promoters, ASK Monetary Holdings and investor Ashish Kacholia.
The corporate posted its first ever revenue of ₹229 crore through the monetary yr 2023-24. In the course of the September quarter this yr, its internet revenue was ₹291 crore, in comparison with a lack of ₹91 crore throughout the identical quarter of the earlier yr. Its income additionally grew 12% to ₹1,578 crore.
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See extra Information / Enterprise / Oyo founder Ritesh Agarwal to take a position ₹550 crore into the corporate for world growth