Hospitality firm Oyo has filed preliminary papers with capital market regulator Securities and Exchange Board of India (Sebi) to raise Rs 8,430 crore through an initial share-sale.
The initial public offer (IPO) comprises fresh issue of equity shares aggregating up to Rs 7,000 crore and offer for sale to the tune of Rs 1,430 crore, the draft red herring prospectus filed with Sebi showed on Thursday.
Proceeds from the issue would be used towards funding prepayment or repayment, in part, of certain borrowings availed by our subsidiaries amounting to Rs 2,441 crore, and funding company's organic and inorganic growth initiatives amounting to Rs 2,900 crore, and balance towards general corporate purpose, it added.
