The company’s board approved the allotment of fresh equity shares to acquired businesses Jeewani Hospitality, Rollins International, Pfledge Home Health Care Center, and Planet Education promoters Gagandeep Singh and Sanket Champaklal Shah
EaseMyTrip said that the allotted 12.57 Cr equity shares are worth INR 229.03 Cr, a premium of about 40% considering the closing price of the company’s shares of INR 13.09 yesterday on the BSE
The promoters and promoter group stake in the company will reduce to 48.62% from the erstwhile 50.38% following the allotment of the shares
Months after announcing acquisitions of businesses in erstwhile uncharted territories, online travel aggregator (OTA) EaseMyTrip’s (EMT) board has approved the allotment of 12.57 Cr equity shares to Jeewani Hospitality, Rollins International, Pfledge Home Health Care Center, and Planet education promoters Gagandeep Singh and Sanket Champaklal Shah on a preferential basis for a non-cash consideration for acquisition of stakes in the companies.
In an exchange filing, Easemytrip
said that the allotted 12.57 Cr equity shares are worth INR 229.03 Cr, a premium of about 40% considering the closing price of the company’s shares of INR 13.09 yesterday on the BSE. Following the allotment, the allottees will cumulatively hold 3.42% stake in the OTA.
All of the aforementioned acquisitions are part of EaseMyTrip’s bid to expand into newer business segments to charge up its top line.
On December 8, the company sought the approval of its shareholders to allot 12.84 Cr shares to the aforementioned parties at a price of INR 18.22 apiece.
Of these, 27.44 Lakh were to be allotted for a cash consideration of INR 5 Cr to actress Jacqueline Fernandez, who became its brand ambassador in August 2024. The remaining allotment was to take place for a non-cash consideration.
As per the company’s postal ballot notice, the promoters and promoter group stake in the company will reduce to 48.62% from the erstwhile 50.38% following the allotment of the shares.
Here’s a brief on the contours on the equity allotments made by EaseMyTrip today:
— Jeewani Hospitality was allotted 5.48 Cr shares worth INR 100 Cr. In February 2024, the travel tech major announced an investment of INR 100 Cr for a 50% stake in Jeewani Hospitality Private Limited, a part of the Jeewani Group. The company then shared plans to build a new five-star hotel in the city of Ayodhya with the new acquisition. Jeewani got 1.49% stake in the OTA.
— Healthtech Rollins International was allotted 3.29 Cr shares worth INR 60 Cr. In September, EMT announced the acquisition of a 30% stake in Singapore-based Rollins International via an equity share swap. Rollins is a subsidiary of RHA Holding and operates multiple healthcare related brands like clinic chain brand The Wellness Co, healthy food brand PureFoods, among others. Rollins will own 0.90% stake in the OTA.
— EMT allotted 54.88 Lakh equity shares worth INR 10 Cr to Dubai-based healthtech company Pflege Home Health Care Center. In September, the company picked up 49% stake in Pflege Home Health for INR 30 Cr. Pflege facilitates medical tourism, providing services for patients seeking treatment abroad. Pflege will own 0.15% stake in the OTA.
— Besides allotting shares to Pflege, EMT also allotted 1.09 Cr shares worth INR 19.83 Cr to the Dubai-based company’s selling shareholder Bhisham Sheoran. This is part of the INR 20 Cr share purchase from the healthtech company’s stakeholders. Sheoran will hold a 0.30% stake in EMT post the allotment.
— The company allotted 1.08 Cr shares worth INR 19.60 Cr apiece to the promoters of Planet Education’s – Gagandeep Singh and Sanket Shah. EaseMyTrip announced the acquisition of a 49% stake in the Australia-based study abroad consultant services provider in November. With this stake acquisition, the company has set its sights on the international study tourism segment. Both allottees will own 0.29% stake in EMT.
EMT has continued on its path to expand into new business segments this year as well. Last month, it announced plans to foray into the charter aviation sector with the acquisition of a 49% stake in Big Charter Pvt Ltd.
Amid the expansion spree, the company’s profitability took a hit in Q2 and Q3 of FY25.
In Q3, the travel tech company’s PAT crashed nearly 26% to INR 34.02 Cr from INR 45.68 Cr in the year-ago quarter. Operating revenue slid 6% to INR 150.56 Cr in the December quarter from INR 160.78 Cr in the same quarter last year.
Shares of EaseMyTrip ended Friday’s session 8.09 % higher from the previous close on the BSE.
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