Microsoft Corporation invests USD 5 million in OYO

Under the deal, OYO will issue 5 equity shares of the face value of ₹10 each for cash at an issue price of India rupee equivalent of USD 58,490 per equity share

Tech giant Microsoft Corporation has invested nearly USD 5 million (about ₹37 crore) in Oravel Stays Pvt Ltd (OYO) through the issuance of equity shares and compulsory convertible cumulative preference shares (CCCPS) on a private placement basis by the latter, according to a regulatory filing by the hospitality chain. An extraordinary general meeting of Oravel Stays Pvt Ltd (OYO), which runs the OYO Rooms chain of hotels, on July 16 approved issue of the equity shares and Series F2 compulsory convertible cumulative preference shares (Series F2 CCCPS) for "an aggregate consideration amounting to rupee equivalent of USD 4,971,650 to Microsoft Corporation on a private placement basis", as per an RoC filing by the company. Under the deal, OYO will issue 5 equity shares of the face value of ₹10 each for cash at an issue price of India rupee equivalent of USD 58,490 per equity share.