Summary:
- PRISM will introduce a bonus structure for all shareholders.
- The move reflects PRISM’s commitment to governance and long-term shareholder value.
- The company is withdrawing its previous resolution and will submit a unified proposal.
OYO’S PARENT PRISM will introduce a simplified bonus structure that includes all shareholders, including equity and CCPS holders, regardless of holding size, ensuring equal participation and transparency. The company is withdrawing its previous resolution before the board of directors and will present a unified proposal for approval.
The decision reflects PRISM’s commitment to governance, fairness and long-term value for all shareholders, the company said in a statement.
“We are not proceeding with the current resolution and will shortly bring a unified proposal for shareholder approval in accordance with the Companies Act, 2013,” a PRISM spokesperson said. “The revised structure will be announced in the coming days and will not require any application process.”
The spokesperson said the revised structure will ensure every shareholder has equal opportunity in PRISM’s next phase of growth.
According to the earlier bonus resolution, PRISM had proposed a bonus issue linked to a potential IPO for equity shareholders. That structure allowed participation through an opt-in process, but the new resolution will apply to all shareholders without requiring any application, the company said.
This follows the company’s recent announcement extending the opt-in deadline to Nov. 9 and simplifying the participation process, the statement said.
PRISM named Ankit Tandon chief operating officer and CEO of its European operations. Earlier, Press Trust of India reported that OYO plans to file its Draft Red Herring Prospectus in November for a $7 to 8 billion IPO.
