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The strange pattern of OYO’s incomplete transactions

Puzzle

Believe me, when I say this, I will be the happiest when I don’t have to chase OYO’s tail. But right now, it is simply not okay to look away from unfinished business. First, Ritesh Agarwal’s Cayman Islands buyback deal. From Business Standard in July this year:
“Hospitality firm OYO on Friday said its founder Ritesh Agarwal has signed a deal to buy back shares worth $2 billion from early investors through his Cayman islands-registered entity, RA Hospitality Holdings. Lightspeed Venture Partners and Sequoia India, OYO’s early supporters, are selling part of their holdings in order to help the founder increase his stake while remaining invested significantly in the company’s long-term mission, OYO said in a statement. ‘Company’s founder and CEO Ritesh Agarwal, through RA Hospitality Holdings (Cayman), has signed $2 billion primary and secondary management investment round, supported by global institutional banks and his financial partners,’ it added.”
Multiple sources I spoke with, who have all been following this transaction closely, said the deal hasn’t happened.

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