The proceeds will be used to advance technology and expand its presence in new markets.
Anbang bought the properties’ owner, Strategic Hotels & Resorts Inc., from Blackstone Group LP for about $6.5 billion in 2016.
The move, unprecedented among leading privately held, new-age Indian startups, will help Agarwal raise his stake to around 30% from the current 10%.
The clause was introduced in Oyo’s Articles of Association when the company raised $250 million led by SoftBank in late 2017.
The high-profile divestment would be part of Prime Minister Narendra Modi’s efforts to raise $15.3 billion selling stakes in state-run companies.
The agreement was specified for up to USD 2 billion equivalent transferrable term loan facility with a greenshoe option of up to USD 500 million.
Dawex would act as an enabler, allowing different travel and hospitality players to exchange information in a safe and compliant manner.
The funding will go towards accelerating the group’s expansion, with particular focus on its RateHawk B2B brand.
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