The acquisition involves the procurement of 55,00,000 fully paid-up equity shares of E-Trav, representing approximately 4.94% of the aggregate post-allotment paid-up share capital of E-Trav on a fully diluted basis.
E-Trav, established on October 9, 1995, under the regulations of the Companies Act, 1956, is headquartered at Sur. No. 1420, Ward No.8, NR. Roshani Dept. Stores Swami Vivekand Road, Vaniyawadi Main Road Rajkot, Gujarat, India, 360002. Operating within the B2B Travel Tech Business, it offers an array of services, including Flights API, Holiday Packages, Hotel API, White Label/XML, API, Bus API, and Travel Visa. Branch offices in Malad, Mumbai, and Ahmedabad, Gujarat, along with a wholly-owned subsidiary in Dubai, United Arab Emirates, augment E-Trav’s presence.
Over the past three fiscal years, E-Trav has demonstrated robust financial performance: FY 2022-2023 recorded a total income of INR 3498.93 (INR Lacs), FY 2021-2022 reported INR 1459.61(INR Lacs), and FY 2020-2021 saw INR 651.64(INR Lacs).
The acquisition is strategically motivated, aiming to leverage E-Trav’s technological capabilities and expertise in B2B client relations to enhance services for corporate clients. Governmental or regulatory approvals for the acquisition are not applicable. The transaction was successfully completed on March 30, 2024. The nature of consideration is in cash.