EaseMyTrip To Buy 51% Stake In Guideline, Tripshope, Dook
EaseMyTrip also plans to raise up to Rs 90 crore through issuance of equity shares.
Online travel company Easy Trip Planners Ltd. will acquire 51% stakes in three rival companies—Guideline Travels Holidays India Pvt., Dook Travels Pvt., and Tripshope Travel Technologies Pvt.—in an all-stock deal.
The acquisitions will be subject to the completion of customary conditions precedent, the obtaining of relevant approvals from the shareholders/members of the company, and any other regulatory approval, EaseMyTrip said in an exchange filing on Monday.
The consideration will be paid by way of the issuance of its equity shares to the selling shareholders of the respective companies on a preferential basis, it said.
"Together, with these remarkable travel companies, we extend and embrace to a diverse spectrum of exceptional services catering to larger markets," the company's Co-founder Nishant Pitti said in a statement.
Guideline Travels has a presence in both the B2C and B2B circuits, while TripShope Online is a travel and leisure solution provider based in Kashmir, according to the statement. Dook Travels operates across Central Asian countries, Turkey, the U.A.E., and India.
EaseMyTrip also plans to raise funds, worth up to Rs 90 crore, through the issuance of equity shares in one or more tranches via preferential allotment or other modes.
The proceeds from the proposed fundraising will be used to meet the funding requirements and growth objectives of the company and its businesses, the New Delhi-based travel operator said.
