Yatra Online Evaluates Potential Additional Listing of Indian Arm on Bourses in India
September 15, 2021
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Yatra Online, Inc. (NasdaqCM:YTRA) on September 16, 2021 said it is considering an additional listing of its Indian subsidiary on the stock exchanges in India, while retaining its existing listing on the Nasdaq. The company believes potential benefits of this listing will include access to an additional pool of capital, including retail and institutional investors in India already familiar with its business and brand but who are currently restricted from participating in the US markets, Yatra Online said in a statement. It would also unlock additional value for US shareholders and provide a liquid stock that can be used for local merger and acquisitions in India, it added. Other potential benefits of the listing would include, "Further capital to strengthen the balance sheet; and additional sell-side research analyst coverage," the statement said. The company has engaged leading Indian financial advisors in connection with its evaluation, it added. "As we continue to execute on our strategy, our Board of Directors and management team regularly considers opportunities to enhance value for Yatra shareholders," Yatra Chief Executive Officer Dhruv Shringi said. As part of these ongoing efforts, "we are evaluating the benefits of an additional listing in India to support our ongoing strategy, accelerate our growth efforts and strengthen our offerings", he added. Over the coming weeks, the company''s board and management team will work with its advisors to determine if this is in fact the right approach to unlock additional value for its shareholders, Shringi said.
Yatra Online, Inc. is an online travel company. The Company provides travel services to corporate and consumers. It allows leisure and business travelers to explore, research, compare prices and book a range of services catering to their travel needs through its Website and mobile applications, and other associated platforms. It operates through three segments: Air Ticketing, Hotels and Packages, and Other Services. Its services include domestic and international air ticketing on Indian and international airlines, as well as bus ticketing, rail ticketing, cab bookings and ancillary services within India. The Company also provides access through its platform to hotels, homestays, and other accommodations. Its applications include Yatra, Yatra Web Check-In, Yatra Corporate, and Travelguru HomeStay. Its other services consist of rail tickets, bus tickets, taxi rentals and ancillary value-added services, such as travel insurance, visa processing and tickets for activities and attractions.