Hospitality tech firm Oyo on Monday said it will withdraw its current bonus resolution plan following shareholder feedback. Instead, it will now introduce a new, simplified structure to include all shareholders.
Under the initial plan, investors who do not respond to the postal ballot within the set timeframe stipulated for the election were to receive one bonus compulsorily convertible preference share (CCPS) for every 6,000 equity shares held — automatically classifying themselves under ‘Class A’.
In contrast, those who actively opted in within the election window could choose ‘Class B,’ where one CCPS could convert into 1,109 equity shares if Oyo appointed merchant bankers for its IPO before March 2026, or just 0.10 share if the milestone was not met.
Following the initial feedback, Oyo parent PRISM on Sunday announced an extension to the opt-in window. However, it has now decided to roll back the plan altogether. A new, unified proposal will apply to all classes of shareholders, including equity and CCPS holders, regardless of holding size, the company said in a statement. The revised structure will not require any application process, it added.
“We are not proceeding with the current resolution and will shortly bring a fresh, unified proposal for shareholder approval,” a company spokesperson said, adding that the move reflects a “continued commitment to governance-first growth” and “fairness”.