New Delhi, Aug 20 (TIWN) Satya Nadella-run Microsoft has invested $5 million in Airbnb-backed Indian budget hotel chain OYO taking it valuation to $9 billion, as the hospitality chain plans a potential initial public offering (IPO) soon.

Under the deal, Oyo will issue 5 equity shares of the face value of Rs 10 each for cash at an issue price of India rupee equivalent of $58,490 per equity share.  Moreover, the meeting approved the issue of 80 Series F2 CCCPS of the face value of Rs 100 each for cash at an issue price of rupee equivalent of $58,490 per Series F2 CCCPS.