Ritesh Agarwal to invest Rs 550 crore to increase his shareholding in Oyo

Oyo's CEO, Ritesh Agarwal, is increasing his stake in the company by purchasing an additional Rs 550 crore worth of shares. This move comes as Oyo reports significant profit growth, driven by global expansion and strategic acquisitions, including the recent purchase of 06 Hospitality. The company is seeking shareholders’ consent to issue up to 12,91,07,982 shares at Rs 42.60 each to Redsprig Innovation Partners or any of the founder's affiliate entity on a private placement basis, as per a notice for a notice for an extraordinary general meeting (EGM), scheduled for December 9.