Unnamed investor eyes 16% stake in ixigo ahead of Board meet to discuss fundraise
The travel tech platform’s Board will meet on Friday to discuss raising capital through issuance of QIPs, preferential issue or other methods.
Le Travenues Technology Ltd, the parent company of travel-tech platform ixigo, on Wednesday informed public bourses that an unnamed investor has expressed interest purchasing a stake in the company.
According to the filing, the shares will be bought through a secondary transaction. This means the shares will exchange hands from existing shareholders to the new investor and not from the company directly.
If the transaction goes through, the investor’s stake in the firm will not exceed 16% of the company’s shareholding. However, the filing clarifies that no definitive agreements or binding arrangements have been signed for the proposed acquisition, as of date.
“The company is neither a party to such proposed secondary acquisition, nor aware of the share price/ amounts involved in such proposed secondary acquisition,” the firm said in the filing.
The interest comes as the travel tech platform called for a Board meeting on October 10 to discuss and approve a new fundraising plan.
Le Travenues Technology is looking to raise capital by issuing new shares or securities through qualified institutional placement (QIP), preferential issue, or other methods.
In July, the company reported a 73% year-on-year increase in total revenue from operations for Q1 FY25 to Rs 314 crore, up from Rs 181.87 crore in the same period last year.
Net profit attributable to equity holders rose 28.4% to Rs 19.08 crore in Q1 FY25, compared with Rs 14.86 crore in the year-ago quarter, according to the consolidated financial statements filed by ixigo.
Shares of Le Travenues Technology was down marginally at Rs 309.3 apiece on the BSE as of 10:55 AM on Wednesday.
Edited by Megha Reddy