OYO's charter restricts SoftBank from acquiring over 50% without investors' approval

OYO in Manali, India. Photo: OYO Rooms

India’s largest hospitality company Oyo Hotels and Homes (OYO) has incorporated a clause in its charter that restricts Japanese conglomerate SoftBank from increasing its stake in the company beyond 50 per cent without prior approval from the founder and largest minority investors, The Times of India reported.

SoftBank currently holds about 46 per cent in OYO, which was founded by one of the youngest entrepreneurs in India, Ritesh Agarwal. Other key investors in the hospitality company include top US venture capital firms Lightspeed Venture Partners and Sequoia Capital.

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