As OYO gets ready for its IPO, the company increases its authorised capital

OYO's parent company, Oravel Stays Pvt Ltd, has approved an increase of the authorised share capital of the company from $1.1 to $90 million. OYO is expected to file a draft red herring prospectus (DRHP) in the next few months in advance of its possible initial public offering (IPO).

According to a Registrar of Companies (RoC) filing from the company, an extraordinary general meeting of Oravel Stays Pvt Ltd (OYO) approved the resolution to increase its authorised share capital on September 1. A company is allowed to issue the maximum amount of authorized capital at any point in time. During the past year, the company raised its authorized share capital by 1,17,80,010 shares to 9,01,13,59,300 shares, according to a regulatory filing.

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