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.
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