The US-based Ebix group on Wednesday announced the acquisition of leading domestic travel portal Yatra for an enterprise valuation of $337.8 million (over Rs 2,300 crore). Both the parties have signed a definitive agreement for the deal which would create the country's largest travel services platform. Further, each share of these preferred stock of Ebix will be convertible into 20 shares of common stock of the US firm. Ebix will be issuing 2,43,747 convertible preferred shares, which, in turn, will be convertible into 48,74,931 shares of Ebix's common stock, the statement said. Ebix paid a 32% premium compared to Yatra's closing price on March 8, when Ebix had offered to acquire Yatra.

Source: dna July 18, 2019 00:33 UTC