The board of EaseMyTrip has announced a stock split and gave its nod to the bonus issue of three shares for every one share held. The board also cleared proposal to increase authorized share capital from Rs 75 crore to Rs 200 crore. It also cleared a proposal to split each existing equity share of face value of Rs. 2 into 2 equity shares of face value of Rs. 1 fully paid-up. EaseMyTrip had made debut on the bourses on March 19, 2021.
The company has given rationale behind the split and issue of bonus shares. “The Company and its subsidiaries have grown significantly, in terms of business and performance, over the years. This is reflected in the share price of the Company. As and when the stock price rises further, it will be increasingly difficult for small potential shareholders to partake in the company’s future. Keeping with the spirit of inclusion and in order to reward the shareholders the Board of Directors approved and recommended the said corporate actions,” it added.
Headquartered in New Delhi, EaseMyTrip is an Indian online travel company. It was founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. The company provides hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.