CCI approves Oyo founder Ritesh Agarwal’s $1.5 bn stock buyback plan; OnMobile to sell nearly 18% stake to Jump Networks
Ritesh Agarwal, the group chief executive of the Gurugram-based hospitality chain Oyo Hotels & Homes, has received a nod from Competition Commission of India’s (CCI) for a $1.5 billion stock buyback. Jump Networks to buy 1.9 cr equity shares of OnMobile.
CCI approves Oyo founder Ritesh Agarwal’s $1.5 bn worth stock buyback plan
Ritesh Agarwal, the group chief executive of the Gurugram-based hospitality chain Oyo Hotels & Homes, has won Competition Commission of India’s (CCI) approval for a $1.5 billion stock buyback, reports the Economic Times.
The approval will allow Agarwal to facilitate a transaction through a Cayman-registered entity, RA Hospitality. It will help the 26-year-old founder in ramping up his shareholding in the company to an estimated 30%, the report said.
Agarwal will be financing the buyback through debt from Japanese banks Nomura and Mizuho, the report added.
Bruhat Bangalore Hotels Association seeks police probe against Oyo
Bengaluru hotelier Natarajan VRS and Bengaluru-based Bruhat Bangalore Hotels Association have asked the city’s commissioner of police to conduct an investigation against the budget hospitality chain Oyo Rooms, reports the Economic Times.
The hotel association is unhappy with the "unfair business practices of Oyo.” Hotels in Karnataka are reportedly facing losses worth crores due to the hotel chain’s policies.
Last week, the association had filed a police complaint against Oyo’s founder Ritesh Agarwal and other top executives of the company.
Consumer affairs ministry extends the deadline to submit feedback on e-commerce guidelines
The ministry of consumer affairs, food and public distribution, has extended the deadline to submit feedback on e-commerce guidelines from September 16 to October 31, The Economic Times reports.
The guidelines have been drafted to protect online shoppers. The extension will give stakeholders, including state governments, more time to seek clarity on the guidelines and submit their feedback, the report said.
The proposed guidelines are aimed at reducing the sale of fake products on online platforms. Ecommerce marketplaces will also not be allowed to influence the prices of products or engage in ‘unfair or deceptive’ practices.
Jump Networks to buy 1.9 cr equity shares of OnMobile
Mobile value-added services provider OnMobile Systems Inc. has entered into a share purchase agreement (SPA) with Mumbai-based technology company Jump Networks Limited for the sale of 1.9 crore equity shares of OnMobile Global, its Bengaluru-based subsidiary.
Jump Networks will acquire a nearly 18% stake in OnMobile’s share capital, the company said in a statement.
The price of each equity share stands between Rs 75.50 to Rs. 78 per equity share, the company said.
Footwear marketplace ShoeKonnect secures $1.5 mn in latest funding
Online business-to-business marketplace for footwear, ShoeKonnect, has raised $1.5 million from Naukri.com parent Info Edge (India) and another investor.
In the filing dated Friday, Info Edge said it contributed $555,864, while the other investor, whose identity hasn’t been disclosed, invested $972,762.
Info Edge’s stake in the ShoeKonnect now increases to 32.85 %, post this investment, it said.
Delhi based-ShoeKonnect, incorporated in 2015, is an online B2B platform that enables footwear brands, manufacturers, wholesalers and retailers to connect, communicate, transact with each other for conducting and expanding their business.