Business News | EaseMyTrip Shares Hit 20% Upper Circuit After Rs 500 Crore Capital Raise Announcement
Get latest articles and stories on Business at LatestLY. At day's closing, the shares of the company traded at Rs 7.93, remaining at the upper circuit level. The upper circuit is the highest possible price that the stock of a publicly-listed firm can trade at on that particular day.
New Delhi [India], February 16 (ANI): Shares of Easy Trip Planners Ltd, which operates popular travel-tech and aggregation platform EaseMyTrip on Monday hit a 20 per cent upper circuit.
At day's closing, the shares of the company traded at Rs 7.93, remaining at the upper circuit level. The upper circuit is the highest possible price that the stock of a publicly-listed firm can trade at on that particular day.
This sharp upmove in its share price comes soon after the company announced it plans to raise capital up to Rs 500 crore as part of its ongoing strategy to scale key growth areas and reinforce its financial strength.
The company's Board has approved, in principally, a proposal to raise funds through the issuance of equity shares and/or other eligible securities, subject to requisite approvals, the company informed stock exchanges earlier today in a filing.
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The proposed capital raise is intended to support EaseMyTrip's expansion across high-potential segments, particularly in hotels and holidays, while also enabling continued investments in technology, platform enhancement, and strategic opportunities aligned with its long-term business priorities. The move is aimed at providing additional flexibility to execute growth initiatives while maintaining a disciplined approach to capital allocation, the company said in the exchange filing.
"The fund raise may be undertaken in one or more tranches through permissible modes under applicable law, including rights issue, qualified institutions placement (QIP), preferential issue, private placement or other approved methods, subject to regulatory and shareholder approvals," the company filing read.
Detailed terms including size, structure and timing will be determined at an appropriate stage in accordance with applicable regulations and market conditions.
The company said it is focused on building an integrated travel ecosystem through deeper supply partnerships, technology-led efficiencies, and expanded offerings, contributing to the evolving tourism infrastructure while maintaining a long-term value creation focus.
Cumulatively, over the past month, the shares of the company have risen by about 13 per cent, data showed. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)