If you hold shares in Sunday Proptech Limited — formerly known as OYO Financial and Technology Services Private Limited — or are tracking the unlisted shares market closely, the EGM notice dated March 14, 2026 deserves your full attention. The company is about to execute four significant corporate actions simultaneously: increasing authorised capital, issuing bonus shares, raising ₹200 crore through private placement, and completely rewriting its Articles of Association. But the question that matters most to investors is simple: does the private placement happen before the bonus, or after? And what does ₹23 per share actually mean in this context? Let us break it all down.
Who Is Sunday Proptech?
Sunday Proptech Limited is registered with CIN U55109DL2018PLC331290, with its registered office at Connaught Place in Central Delhi and its corporate office in Gurugram. The company operates within the OYO Group ecosystem in the hospitality sector. It has gone through multiple name changes — from OYO Financial and Technology Services Private Limited, to Sunday Proptech Private Limited, and now Sunday Proptech Limited, having converted from a private to a public limited company. This conversion itself signals a maturing corporate structure, likely in preparation for future capital market activity.
Four Resolutions — And Why the Order Matters
The EGM on April 6, 2026 will vote on four items, and understanding the sequence is everything.
The first item is a straightforward enabling step: increasing the authorised share capital from ₹200 crore to ₹300 crore — from 200 crore shares to 300 crore shares, all at a face value of ₹1 each. The current paid-up capital stands at 51.39 crore shares. This headroom is necessary before both the bonus issue and the new share issuance can happen.
The second item is the private placement. The company proposes to issue up to 8,69,56,521 new equity shares at ₹23 per share, raising up to ₹200 crore. The allottees have not been named publicly — the Board will identify them. The price is based on a registered valuer's report dated November 3, 2025, prepared by CA Rahul Bansal. There is a critical line buried in the explanatory statement for this item that every investor should read carefully: "The proposed offer does not include the impact of the proposed bonus issue which is yet to be approved by the shareholders." This one sentence settles the sequencing question definitively.
The third item is the 3:1 bonus issue. Every existing shareholder as on the record date of April 17, 2026 will receive three new equity shares for every one share they currently hold. The shares will be issued from the company's free reserves and securities premium account.
The fourth item is the adoption of a new set of Articles of Association, incorporating provisions from a Shareholders Agreement dated October 31, 2025. This is a standard step when institutional investors or strategic shareholders enter, as they require their rights and obligations to be embedded in the company's constitutional documents.
The Sequencing: Private Placement First, Then Bonus
This is the core of what investors need to understand. The private placement is priced at ₹23 per share on a pre-bonus basis. The bonus record date is April 17, 2026. The private placement allotment must happen within 60 days of receiving the application money. So the timeline looks like this:
April 6 — EGM approves all four resolutions. Within the following 60 days — private placement shares allotted at ₹23 per share. April 17 — Bonus record date. Every shareholder on that date, including the newly allotted private placement investors, receives 3 bonus shares for every 1 share held.
This means a private placement investor who buys at ₹23 per share will almost immediately receive 3 additional shares free of cost. Their effective cost of acquisition becomes ₹23 divided by 4 shares, which equals ₹5.75 per share on a post-bonus basis. That is an extraordinarily attractive entry price if the company performs well over the medium term.
What the Shareholding Numbers Tell You
The pre and post-issue shareholding table in Annexure A of the notice reveals the structure clearly, with one important caveat: these numbers exclude the bonus issue impact.
Before the private placement, promoters hold 15.98 crore shares representing 31.09% of the company. Private corporate bodies hold 24.31 crore shares at 47.30%, and the public holds 11.10 crore shares at 21.61%. Total paid-up shares: 51.39 crore.
After the private placement but before the bonus, the total shares will be 60.09 crore. Promoter holding dilutes to 26.59% in percentage terms, though their absolute share count stays the same. Private corporate bodies jump to 54.93%, and public holding reduces to 18.48%. The new private placement shares are classified under the private corporate bodies category.
Now apply the 3:1 bonus on top of 60.09 crore shares. The total post-bonus share count becomes approximately 240 crore shares. The percentages remain unchanged since the bonus is proportional, but the absolute number of shares in the market increases fourfold.
Valuation History: Is ₹23 Per Share the Right Price?
Looking at the allotment history during FY2026 is instructive. In May 2025, Incred Wealth received 2 crore shares — the price is not explicitly stated for this tranche. In July 2025, Tattva Valuers received 62.85 lakh shares at a premium of ₹51.50 per share, implying an all-in price of ₹52.50. That number stands out as significantly higher than other tranches, and likely reflects either a strategic deal, non-cash consideration, or a different class of arrangement.
In November 2025, Incred Wealth received 5.64 crore shares at a premium of ₹16.72 per share, so ₹17.72 all-in. In December 2025, another 1.41 crore shares went to Incred Wealth at the same ₹17.72 price. Now in the proposed round, shares are being offered at ₹23 — a roughly 30% jump from the November-December pricing in just a few months.
This progression suggests the company's valuation has been moving upward through successive rounds of fundraising, which is consistent with active business activity and investor interest. The ₹23 price is based on the November 2025 valuation report, which was commissioned around the same time as the Incred allotments at ₹17.72. The gap between those two prices — same valuation date, different allottee — raises questions worth asking, though the November allotments may have been at a discount to the full valuation as a deal-structuring mechanism.
What This Means If You Are an Existing Shareholder
If you already hold Sunday Proptech shares in demat form, the most important action is to ensure your demat account details are updated with your depository participant before April 17, 2026. Bonus shares will be credited directly to your demat account. If your demat account is not in order, the bonus shares will be held in abeyance until you resolve the issue — meaning you will receive them eventually but not on the record date.
If you hold shares in physical form, the notice asks you to update your email address with the company's RTA, Skyline Financial Services Pvt. Ltd, by emailing [email protected].
What This Means If You Are Considering Buying Unlisted Shares
Timing is everything in corporate action investing. If you buy Sunday Proptech shares in the unlisted market before April 17, 2026, and the transfer is completed before the record date, you will receive the 3:1 bonus on your holding. If you buy after the record date, you will not. At the current unlisted market price, the effective post-bonus cost matters as much as the sticker price.
Additionally, anyone looking at the ₹23 private placement price as a valuation benchmark should remember that this is a pre-bonus price. The correct comparable for secondary market transactions after April 17 should be roughly ₹23 divided by 4, adjusted for any premium the market places on the stock.
The Broader OYO Context
Sunday Proptech sits within the OYO universe, which has had a complicated few years. The parent group has gone through significant restructuring, multiple failed IPO attempts, valuation write-downs by investors, and leadership turbulence. However, the activity at the subsidiary level — new Shareholders Agreements, fresh institutional capital, structured bonus issues, and AoA overhauls — suggests a deliberate effort to clean up the corporate structure and create a more investment-ready entity.
Raising ₹200 crore at the subsidiary level when the paid-up capital is just ₹51 crore represents a meaningful injection of capital. The stated purpose is general corporate purposes and business activities, which is broad, but the context of the Shareholders Agreement signed in October 2025 suggests there are specific operational or expansion plans being funded.
The Bottom Line
Sunday Proptech's EGM represents a carefully sequenced capital transaction. Private placement at ₹23 per share happens first. Then, almost immediately after, existing shareholders including the new private placement investors receive a 3:1 bonus. The effective entry cost for the private placement investor works out to ₹5.75 per share on a post-bonus basis. For anyone already holding shares, the record date of April 17, 2026 is the most important date to watch.
The deeper lesson here for anyone active in the unlisted shares market is this: the headline price almost never tells the full story. Corporate actions — bonus issues, rights offerings, conversions — fundamentally change the per-share economics. Understanding the sequence and the timing separates informed investors from those who simply chase price quotes.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Unlisted shares carry significant illiquidity risk and may not be suitable for all investors. Please consult a registered investment advisor before making any investment decisions.