EaseMyTrip board approves raising up to ₹1,000 crore via preferential issue
Easy Trip Share Price | In a stock exchange filing, the travel-tech company said during its board meeting was held on January 2, 2024, the board of directors approved the raising of funds of up to ₹1,000 crore by identifying the optimum combination of equity shares as well as warrants that could be converted into equivalent number of shares of the company.
Easy Trip Planners Ltd, the company that owns and operates online travel platform EaseMyTrip, on Tuesday announced that its board approved a proposal to raise funds of up to ₹1,000 crore via a combination of preferential issue of equity shares along with warrants.
In a stock exchange filing, the travel-tech company said during its board meeting was held on January 2, 2024, the board of directors approved the raising of funds of up to ₹1,000 crore by identifying the optimum combination of equity shares as well as warrants that could be converted into equivalent number of shares of the company.
These convertible warrants are to be issued on a preferential basis to raise the mentioned funds, in accordance with the SEBI (ICDR) regulations, along with other applicable laws, the company informed the bourses.
The New Delhi-based travel portal witnessed a year-on-year surge of 20-30% in bookings ahead of the Christmas festive season. Last month, Prashant Pitti, co-founder of EaseMyTrip, in a chat with CNBC-TV18, said the surge in reservations signalled a growing enthusiasm for festive travel plans among consumers as the travel industry continued its rebound.
In December, the telecom major Vodafone Idea announced a partnership with EaseMyTrip, offering special travel offers to its subscribers. As an introductory offer, zero convenience fees shall be charged on all flight bookings, the telecom company stated.
For the quarter ending on September 30, 2023, EaseMyTrip witnessed a sharp 67.2% uptick in consolidated net profit at ₹47.18 crore compared to₹28.22 crore in the same period last year. The net sales grew 30.6% in the said quarter to ₹141.69 crore as against ₹108.5 crore in the corresponding quarter of the previous year.
Shares of Easy Trip Planners traded flat, down 0.4% at ₹40.55 per piece on BSE at 12:10pm.
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