Online travel agency Yatra Online is planning to raise $60.4 million through the sale of 6.3 million shares held by stakeholders in the company at a maximum value of $9.59 per share, according to the company’s filing with the US Securities and Exchange Commission (SEC). Stakeholders named in the filing include Valiant Capital Partners, IDG Ventures India Fund II LLC, Intel Capital Corporation, Reliance Capital Limited, Terrapin Partners, among others who have earlier invested in Yatra. The development was first reported by ET. The company said that it will not be directly selling these shares and that it “will not receive any proceeds from the sale of the shares by the selling shareholders.” “Shareholders may offer all or part of the shares for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices,” Yatra added in its filing. The proposal is yet to receive approval from SEC. Yatra’s proposal to raise money via share sales comes just a month after its listing on the NASDAQ stock exchange. The company announced its intention to list on the NASDAQ stock exchange in July and created a “special purpose acquisition” unit after its reverse merger with Terrapin 3 Acquisition Corporation. Existing shareholders currently own 35% stake in Yatra Online, the NASDAQ listed entity. More here. Interestingly, the company’s rivals MakeMyTrip and GoIbibo group announced a merger deal in October, which is one of the largest consolidations in the online travel segment in India. The…
