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Monday, July 4, 2022

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Yatra Online Files for IPO to Raise Rs. 750 Crore

Travel service provider Yatra Online on Monday said it has filed a draft prospectus with markets regulator Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) that includes a fresh issue of shares aggregating up to Rs. 750 crore.

Yatra also announced the appointments of Rohit Bhasin, Deepa Misra Harris and former bureaucrat Ajay Narayan Jha as non-executive independent directors.

“The company has also filed its Draft Red Herring Prospectus (DRHP) for an Initial Public Offering (IPO) comprising a fresh issue aggregating up to Rs. 750 crore and an offer for sale of up to 93,28,358 equity shares, including 88,96,998 equity shares by THCL Travel Holding Cyprus Ltd, one of its promoters,” Yatra said in a statement.

Commenting on the IPO plans, Yatra Online whole-time director and CEO Dhruv Shringi said, “The proposed equity offering and the listing will help us accelerate our organic growth plans and provide further capital for exploring inorganic growth opportunities as the travel and tourism industry recovers on the back of easing Covid restrictions”.

On the appointment of the three independent directors, he said, “Given their experience and passion” they will be an invaluable asset to the company.

“We are thrilled to embark on our new journey with them as part of our team and the DHRP filing in India as the industry continues to grow,” Shringi said. Bhasin, a chartered accountant, also serves as an independent director and chairman, audit committee on Star Health and Allied Insurance Ltd and an independent director and chairman, nomination and remuneration committee of Tanla Solutions Ltd, the company said.

Harris, on the other hand, is currently an independent director on the boards of PVR, Jubilant Foodworks, ADF Foods, TCPL Packaging, Prozone Intu Properties and Taj Safaris, the statement said.

Former civil servant, Jha was Union Finance Secretary and Expenditure Secretary (2017-2019) from where he retired from service, it added.

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