Travel agency company EaseMyTrip on Monday said that its board has approved raising up to Rs 149 crore through a preferential issue of equity shares. The company's board has also approved the issuance of 3.37 crore preferential shares at Rs 44.32 per share, according to an exchange filing.

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As of 2.50 pm, this is at a discount of 9.5 percent to the current market price of Rs 40.10.

"This is to inform that the Board at its meeting held today, i.e., August 7, 2023, has interalia, considered and approved, subject to the approval of the relevant regulatory/ statutory authorities and the members of the company, the issuance of 3,37,20,618 (Three Crores Thirty Seven Lacs Twenty Thousand Six Hundred Eighteen) equity shares of face value of Rs 1 each of the company to the proposed allottees on a preferential basis," the company said.

Recently, Easy Trip Planners Ltd, which operates under the brand EaseMyTrip, said it's acquiring a 51 percent stake in Guideline Travels Holidays India Private Ltd, Dook Travels Private Ltd, and Tripshope Travel Technologies Private Ltd.

The proposed acquisition will be paid by EaseMyTrip by way of issuance of its equity shares to the selling shareholders of the respective target companies on a preferential basis, the company said in a regulatory filing.

"These three companies have a strong track record and a wealth of experience in their respective areas. Together, with these remarkable travel companies, we extend and embrace a diverse spectrum of exceptional services catering to larger markets," said EaseMyTrip co-founder Nishant Pitti.

Shares of EaseMyTrip dipped more than 1 percent to trade at Rs 40 apiece in trade today. The stock tumbled 25.28 percent on a year-to-date basis, while it fell 80 percent in the last one year.

First Published:Aug 7, 2023 2:54 PM IST