Prosus to buy 10% stake in Indian online travel agent Ixigo for $146 million

Ixigo, formally known as Le Travenues Technology, will issue shares to Prosus on a preferential basis at 280 rupees per share – a 10.5% discount to Ixigo’s closing price on Thursday.
Sign up here.
Ixigo’s stock opened slightly lower at 310 rupees in early trade before reversing course to trade 1% higher.
The company said it will use 25% of the proceeds, or up to 3.24 billion rupees, towards growth initiatives such as developing new artificial intelligence platforms and expanding its hotels business.
It will also use the investment to fund its advertisement and branding initiatives, and acquisitions.
($1 = 88.7950 Indian rupees)
Reporting by Kashish Tandon in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman