Board of Directors of Online Travel Platform EaseMyTrip Approves Free Share Issuance

Online travel platform EaseMyTrip said on Wednesday that its board had approved the free share issue with a view to allowing its shareholders to increase their equity and be better exposed to its future growth.

The company’s board of directors, at its meeting on January 12, 2022, approved and recommended the issuance of free shares fully paid in a ratio of 1:1, from its free reserves created from profits , said EaseMyTrip. in a report.

It will be submitted for shareholder approval through a mail ballot and the record date will be announced in due course, the company added.

Commenting on the free share issuance, EaseMyTrip CEO and Co-Founder Nishant Pitti said, “Despite the challenges faced due to the pandemic, EaseMyTrip has consistently delivered profitable results through a sustainable business model and resilient”.

He added: “By issuing free shares, we want to reward our existing shareholders, allowing them to increase their capital in the group and be more exposed to our future growth.

By examining new growth avenues in the non-airline segment and continuing to focus on financial and operational efficiency, the company will continue to drive value for its stakeholders, Pitti said.

EaseMyTrip said the free share plan follows strong results, achieving a quadrupling of profits in the second quarter of FY22. It also declared interim dividends twice since listing in March 2021.

The company recently announced the acquisition of companies such as Spree Hospitality, Traviate and Yolobus to strengthen its presence in the non-airline segment.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Previous SMB travel platform TravelPerk raises $115M
Next Small business travel platform TravelPerk raises $ 115 million