Oravel Stays infuses Rs 634.5 Cr into India operations of Oyo through allotment of new shares

Oravel Stays Pvt Ltd, the parent company of hospitality chain Oyo Hotels and Homes, has infused Rs 634.50 Cr into its India business.

Oravel Stays was allotted 28,31,957 shares in Oyo Hotels & Homes in lieu of the funding on November 5, documents filed with the Registrar of Companies accessed by business intelligence platform Tofler showed.

An Oyo spokesperson told ET said this is was a ‘business as usual’ transaction where the parent entity was in the process of funding the operational and business requirements of Oyo’s India operations and global shared services, including servicing a large part of its global operations through its subsidiary Oyo Hotels and Homes Pvt Ltd.

Rohit Kapoor, CEO of Oyo India and South Asia said earlier that the company was seeing travelers returning across hill stations, beach destinations and other leisure hot spots in India over the past few weeks.

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