Travel service provider Yatra Online said on Monday it had filed a draft prospectus with market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO) which includes a new issue of shares. totaling up to Rs. 750 crores.
Yatra also announced the appointments of Rohit Bhasin, Deepa Misra Harris and former bureaucrat Ajay Narayan Jha as independent non-executive directors.
“The company has also filed its Red Herring (DRHP) draft prospectus for an initial public offering (IPO) comprising a new issue aggregating up to Rs. 750 crore and a sale offer of up to 93,28,358 shares, including 88.96,998 shares by THCL Travel Holding Cyprus Ltd, one of its promoters,” Yatra said in a statement.
Commenting on the IPO plans, Yatra Online’s full-time director and CEO, Dhruv Shringi, said, “The proposed stock offering and listing will help us accelerate our organic growth plans and provide additional capital to explore inorganic growth opportunities as the travel and tourism industry recovers. on the back of easing Covid restrictions”.
Regarding the appointment of the three independent directors, he said: “Given their experience and their passion”, they will be an invaluable asset to the company.
“We are excited to embark on our new journey with them as part of our team and DHRP India filing as the industry continues to grow,” Shringi said. Bhasin, a chartered accountant, is also an independent director and chairman, audit committee of Star Health and Allied Insurance Ltd and an independent director and chairman, nominations 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, according to the release.
A former civil servant, Jha served as Union Finance Secretary and Expenditure Secretary (2017-2019) from where he retired, he added.