India, Nov. 28 -- PRISM, the parent company of OYO, has called an extraordinary general meeting (EGM) to seek shareholders' approval for raising up to INR 6,650 Cr ($743.2 Mn) via a fresh issue of shares as part of its long due IPO.

Ahead of the IPO, the company has proposed a bonus issue under which shareholders will receive 1 bonus share for every 19 shares held.

The record date has been set for December 5. Notably, PRISM revised its bonus structure after feedback from investors and shareholders. The bonus shares will be issued from the company's share premium and reserves.

The move comes weeks after PRISM rolled back its controversial 6,000:1 bonus share plan, which drew widespread criticism for being overly complex and skewed in fa...