After its subsidiary received crucial regulatory permission, Yatra Online Inc. (NASD: YTRA) shares were up 27.83% to trade at $2.71 in the open market at the time of the last check.
Which YTRA division receives the nod?
Yatra Online (YTRA) reported that Yatra Online Limited, its Indian subsidiary, had received the Securities and Exchange Board of India’s final observation letter, dated November 17, 2022 (Observation Letter) (SEBI).
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One of the most well-known travel companies in India and a major full-service online travel provider, Yatra Online’s Indian affiliate just got the Observation Letter about the draft red herring prospectus (DRHP) dated March 24, 2022.
YTRA India had submitted the DRHP to SEBI via which Yatra India planned an initial public offering (IPO) of its equity shares, which would include an offer for sale of up to 9,328,358 equity shares and a fresh issuance of up to INR7,500 million by Yatra India (“fresh issue” or “primary sale”).
Within 12 (twelve) months following the Observation Letter’s issuance, the proposed IPO may begin accepting subscriptions.
Additionally, YTRA stated that it will release its financial results for the second quarter ending September 30, 2022, prior to the opening of the New York Stock Exchange on Tuesday, November 29, 2022. The press release will be available on YTRA’s website under Investor Relations.
On November 29, 2022, at 8:30 AM Eastern Standard Time (or 7:00 PM India Standard Time), the senior management team of YTRA will convene a conference call to discuss the findings.
YTRA added a new management member:
Rohan Mittal was recently named as group chief financial officer (CFO) of Yatra Online (YTRA). With more than 20 years of expertise in finance, accounting, and mergers and acquisitions, Mr. Mittal joined YTRA in September. The new YTRA CFO brought a wealth of knowledge and sound judgment, and she will be a key player in helping to position YTRA as a pioneer in the business and leisure travel sectors. Mr. Mittal oversees the financial and accounting divisions of Yatra Online and is directly answerable to Dhruv Shringi, the company’s CEO.