Easy Trip Planners Ltd, the company that owns and operates the online travel platform EaseMyTrip, has announced that its board has approved a proposal to raise funds of up to ₹1,000 crore. The funds will be raised through a combination of a preferential issue of equity shares and warrants.
During a board meeting held on January 2, 2024, the board of directors approved the raising of funds by identifying the optimal combination of equity shares and warrants that could be converted into an equivalent number of shares of the company. These convertible warrants will be issued on a preferential basis to raise the mentioned funds, in accordance with the SEBI (ICDR) regulations and other applicable laws.
The New Delhi-based travel portal witnessed a surge of 20-30% in bookings ahead of the Christmas festive season, indicating a growing enthusiasm for travel plans among consumers as the travel industry continues its rebound.
In December, Vodafone Idea announced a partnership with EaseMyTrip, offering special travel offers to its subscribers. As an introductory offer, zero convenience fees will be charged on all flight bookings, the telecom company stated.
For the quarter ending on September 30, 2023, EaseMyTrip reported 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 also grew by 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 12:10 pm.
