EaseMyTrip announces shares bonus issue of 1:1 via free reserves; MD says rewarding shareholders
According to the press statement of the company, The Board of Directors at its meeting held on 12th January 2022, have approved and recommended the issuance of fully paid-up Bonus Shares in the ratio of 1:1 out of its free reserves created out of profit.
India’s second-largest online travel platform – EaseMyTrip on Wednesday declared bonus issue of shares in the ratio of 1:1 out of its free reserves created out of profit and it is subject to the shareholders' approval, the company said in a post-market filing to exchanges.
According to the press statement of the company, “The Board of Directors at its meeting held on 12th January 2022, have approved and recommended the issuance of fully paid-up Bonus Shares in the ratio of 1:1 out of its free reserves created out of profit.”
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“The pre-bonus issue paid-up equity share capital as of date is Rs 217,290,000 divided into 108,645,000 Equity Shares of Rs 2 each. The post-bonus paid-up share capital Rs 434,580,000 divided into 217,290,000 equity shares of Rs 2 each,” EaseMyTrip also said in a filing.
The internet company further in its statement said that the record date will be announced in due course.
The bonus shares come on the heels of remarkable results for the company, where it achieved a profit jump of more than four-fold in the second quarter of the fiscal 2022, generating strong and sustainable value for its stakeholders, the company mentioned.
EaseMyTrip has also recently announced acquiring companies like Spree Hospitality, Traviate and Yolobus to strengthen the non-air segment. Besides, the company has also declared interim dividends twice since its listing in March 2021.
“Through the issuance of bonus shares, we want to reward our existing shareholders, allowing them to increase their equity in the group and gain greater exposure to our future growth,” Nishant Pitti, chief executive officer and co-founder of EaseMyTrip said in a commentary.
Growing at a CAGR (Compund Annual Growth Rate of nearly 50 per cent, EasyMyTrip is one of the fastest-growing internet companies, which offers 'End to End' travel solutions, including air tickets, hotels and holiday packages, rail tickets & bus tickets as well as ancillary value-added services.
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