Document:

Exhibit 4.27

RENEWAl CREDIT   ARRANGEMENT lETTER CAL108917829855 Date: May 28, 2019 Air Travel Bureau   Private Limited M-95, Connauglit Circus, New Delhi-110001 Attention: Mr Anuj   Sethi Dear Sir/s: Sub: Renewal of Working Capital Facilities All the existing   security and/or contractual comforC if any, in respect of the Facility/ies,   shall remain in full force and effect and continue to secure the   Facllity/ies, notwithstanding the amendment/s. In case of any change, in the   directors, Memorandum of Association, Articles of Association or other   constitutional documents, post the information/documents last shared by you   with ICICI Bank, you are requested to furnish updated records of the same to   ICICI Bank. Kindly also ensure that your total working capital bank finance,   including the renewed facility, does not and shall not during the subsistence   of the Facility/ies exceed the maximum permissible bank finance limits. You,   the Borrower, guarantor and the security provider shall execute documents as   may be required, in the form and manner acceptable to Bank in relation to the   renewal of the Facility. This Renewal CAL is being sent to you in duplicate.   We request you to one copy of this Renewal CAL, duly signed by you/your   authorized person/s, the uarantor(s) and security provider(s) (if any), in   token of acceptance of the terms Regd. Office : ICICI Bank Tower, Near Chakli   Circle, Old Padra Road,Vadodara 390 007, India. Corp. Office : ICICI Bank   Towers, Bandra-Kurla Complex, Mumbai 400051, India. ICICH Bank limited ICICI   Bank Tower NBCC Place,Pragati Vihar, Bhishma Pitamah Marg New Delhi - 110003.   Tel.: +91-11-24390000 Fax: +91-11-24390070 Website www.icicibank.com CIN   :L65190GJ1994PLC021012 

    

 

specified   herein, and execute such agreements and documents as may be required in   relation to the Facility, in the form and manner acceptable to ICICI Bank,   October 10, 2019, or such extended/revised period as ICICI Bank may grant in   writing, failing which this offer will lapse automatically without any   further communication. · Renewal CAL must be returnedalong with aboard   rization applicable to the borrower/guarantor/security provider .. uthority   of the signatory. :,,tl (Authorised signatory} 2 Accepted by the Borrower:   For [ ] (Borrower) N<:Jme: [] Designation: [ ] Date: Accepted by the   Guarantor: Name:[] Designation: [] Date: Accepted by the Security Provider   Name:[] Designation: [ ] Date: 

    

 

ANNEXURE (CAL   Details} Sr. No. Description I CAL no Date CAL1388260428831 August 14,2018   (Renewed Facility/ies} May 28, I May 06, 2020 j Facility/ies valid up to 3   Facilitylies Overall Limits (in million} Outstanding amount as on 2019 (in   million} Fund Based Cash Credit 800.0 799.9 Invoice Discounting 200.0 0.0   Non-Fund based (if applicable} Bank Guarantee 100.0 93.1 Overall Limit   (total): 1,100.0 892.1 

    

 

(TERMS AND   CONDITIONS) Cash Credit , 4 Facility Name Cash Credit Proposed limit: U   to800.0 million Tenure: upto 12 months Repayment schedule NA Pricing: The   rate of interest stipulated by ICICI Bank shall be sum of I-MCLR-6M and   11Spreadl/ per annum, subject to minimum of I-MCLR-6M, plus applicable   interest tax or other statutory levy, if any, on the principal amount of the   loan remains outstanding each day. As on date the I-MCLR-6M is 8.70% and spread   is 2.40% Above interest rate shall be reset at the end of every 6 months from   the account opening date/limit set-up date/renewal date as a sum of I-MCLR-6M   + 11Spread11 prevailing on the reset date plus applicable interest tax or   other statutory levy, if any. In case there is any change in the regulatory   requirements by the regulator applicable to the facility pertaining to   provisioning norms and/or risk weightage, then the Bank may revise the spread   to reflect the re ulatory change, subject to extant RBI guidelines. Security:   As per security template Peal< Limit Uniform limit throughout the validity   of facility Sub Limit (s) 1/Division wise Limit(s)2 NA Purpose To meet the   working capital requirements of the Borrower Margin Inventory: NA Book debts:   Cover period: 90 days Margin: 40% Validity upto 12 months i.e. May 06,2020.   Contractual Comfort • Unconditional and Irrevocable Corporate Guarantee from   Yatra Online Private Limited •Non Disposal Undertaking from the Parent not to   dispose any shareholding in the Borrower throughout the tenor of the Facility   apart from the pledge obligation that the Parent has created before availing   the facility. Cash Margin 150.0 million as mentioned in the Securit template   Interest payment Interest would be payable monthly, on the la (dat 

    

 

certificate   confirming that there were no arrears in Bani< Guarantee 1 Facility Name:   Bank Guarantee (BG) . Existing Limit 300.0 million Proposed Limit: 100.0   million Tenure: Maximum period of BG (including claim period, if any) to be   restricted to 18 months. Repayment schedule: NA Pricing: 1.00% p.a. commission   The commission shall be calculated on the actual number of days basis i.e.   from the date of issuance/ opening of the BG upto the end of claim period. In   case of foreign currency bank guarantees, the following charges will be   additional: SWIFT/communication charges-Rs 500 per guarantee Correspondent   bank charges, if any, shall be charged on actuals Security: As er the   security tern late Condition Precedents I Condition Subsequent I Special   conditions The Borrower shall not request the bank for issuance of BGs in   favour of any sister concerns/ associate concerns/ group companies/   associates of the Borrower. Type Financial guarantee Sub-limit NA Purpose   Financial uarantees to be issued to frequency each month. Collection Account   Current account(s) opened with the Bank as per applicable terms and   conditions. Collection Mechanism The collection made by the Borrower will be   deposited in the Collection Account with the Collecting Bank. The Borrower to   be allowed to use the funds available in their Collection Account, subject to   no event of default being triggered off under the Facility. Borrower I   Obligor Air Travel Bureau Private Limited (ATB) Promoter I Parent Yatra   Online Private Limited (YOPL or Yatra) Lender(s} ICICI Bank Limited and/or   such other bank(s) or financial institution(s) which may become lenders   pursuant to transfer of all or a portion of the Facility to such   bank(s)/financial institution(s) by ICICI Bank Limited Other Conditions • The   Borrowershall provideamanagement statutory payments as on date Collecting   Bani< ICICI Bank Limited Drawing Power Any outstanding against invoice   discounting to be subtracted from drawing power calculation of Cash Credit. 

    

 

the format   acceptable to the Bank retention money guarantees stipulated under scheme,   bank will obtain counter guarantee of Guarantee from Yatra Online Private   Limited Borrower dispose any shareholding in the 6 Transport Association   (lATA) as ATB shall pay to them under lATA Billing and Settlement Plan   reporting and remittance calendar. BG upto 20.0 million to be issued for   hotel and packages business Minimum Commission and other charges 500.0 per   guarantee Cash Margin Guarantees covering disputed liabilities -100%   Financial guarantees - 20% in the form of Fixed Deposits with ICICI Bank   Commission Collection Frequency Payable upfront for the entire tenor of the   guarantee Validity upto 12 months i.e. May 06,2020. General •The bank   guarantees to be issued shall be as per •In case of bid bond I EMD /advance   payment I project exports, Bank will obtain counter guarantees from ECGC at   the expense· of the company • If the guarantees to be issued come under EPCG   ECGC at the expense of the company Contractual Comfort • Unconditionaland   Irrevocable Corporate • Non Disposal Undertaking from the Parent not to   throughout the tenor of the Facility apart from the pledge that the Parent   has created before availing the facility.' Borrower I Obligor Air Travel   Bureau Private Limited (ATB) Collecting Bani< ICICI Bank Limited Lender(s)   ICICI Bank Limited and/or such other bank(s) or financial institution(s)   which may become lenders pursuant to transfer of all or a portion of the   Facility to such bank(s)/financial institution(s) by ICICI Bank Limited   Promoter I Parent Yatra Online Private Limited (YOPL or Yatra) Collection   Mechanism The collection made by the Borrower will be deposited in the   Collection Account with the Collecting Bank. The Borrower to be allowed to   use the funds available in their Collection Account, subject to no event of   default being triggered off under the Facility. Collection Account Current   account(s) opened with the Bank as per applicable terms and conditions. 

    

 

Invoice   Discounting 7 Facility Invoice Discounting facility This Facility is   available online to the Borrower through corporate internet banking under   Financial Supply Chain Management (FSCM) module alone or through FSCM and   host to host module ("H2H") jointly. Access to FSCM and H2H (if   required) shall be made available after execution of appropriate documents by   the Borrower. Purchaser/s Purchaser/s of goods and services from the   Borrower; The expression "Purchaser/s" includes, unless it be   repugnant to the subject or context thereof, its successors and assigns. This   Facility shall be provided to the Borrower only for the goods and services   sold to the Purchaser/s. Existing Limit Nil Proposed Limit Rs 200.0 million   Interchangeability of Limits Not Allowed The Facility shall not be   interchangeable with any other facility sanctioned by ICICI Bank. Sublimit Rs   200.0 million of Bank Guarantee Validity 1 Year i.e. May 06,2020. Security As   per security Template Maximum Tenor (Usance Period) 60 days Goods I Services   Covered This should be restricted to working capital requirements of the   Borrower. Margin Amount 20.00% (The financed amount shall be equal to   Invoice/ Bill of Exchange ("BOE") amount less margin amount).   Interest The .fixed rate of interest for each drawal of the Facility will be   stipulated by ICICI Bank at the time of disbursement of each drawal, which shall   be sum of 1-MCLR# and "Spread" per annum, subject to minimum of   1-MCLR#, plus applicable interest tax or other statutory levy, if any. As on   date the I-MCLR-3M is 8.55% and Spread is 2.00% p.a. #Note: 1-MCLR will be   based on the tenure of the individual drawals under the facility: • Drawals   for upto 3 month tenure: I-MCLR-3M •Drawals for greater than 3 months and   upto 6 month tenure: I-MCLR-6M • Drawals for greater than 6 month tenure:   I-MCLR-1Y In case there is any change in the regulatory requirements b the   regulator a licable to the facilit , to 

    

 

8 prov1s1oning   norms and/or risk weightage, then the Bank may revise the Spread to reflect   the regulatory change, subject to extant RBI guidelines. The Borrower will   have the option to prepay the individual drawal without any prepayment   penalty during "1 month for individual drawal tenure of upto 4 months/2   months for individual drawal tenure more than 4 months and upto 8 months/4   months for individual drawal tenure more than 8 months and upto 12   months" prior to the scheduled maturity date of the drawal, provided at   least 5 days irrevocable notice to prepay the loan has been given by the   borrower to the Bank. Except mentioned elsewhere, if the Borrower wishes to   prepay the Facility, it may do so with payment of Prepayment Premium of 0.25%   on principal amount of the loan prepaid subject to the Borrower giving at   least 15 days prior written notice of the same to the Bank. Interest Payment   Frequency Upfront Commission 1. Transaction Charges a} On Discounting : Rs   500.0 per lot irrespective of the number of bills b) Overdue Charges : 4%   over and above documented rate Above charges are exclusive of service tax or   other statutory levy, if any, which shall be charged as per the prevailing   guidelines of government/statutory authority. Charges I fees I commission   shall be taken upfront. Repayment Tenor based defined maturity date.   Companies whose Invoic Discounting i allowed e s •Tech Mahindra Limited • HCL   Technologies Limited • WNS Global Services Private Limited • Hyundai Motor •   Sterling & Wilson Pvt Ltd • Crisil • Jubilant Life Sciences Limited •HT   Media Limited • Mylan Laboratories Limited •Havells India Limited •Cipla   Limited 

    

 

9 Note:   Invoices of the above mentioned companies for their   domestic/international/offshore bookings can also be discounted. Also, at all   times, outstanding of invoice discounting from each company mentioned above   shall not exceed40.0 million. . For adding any new payee to the above list,   the company shall submit an application letter for seeking addition in payee   list by taking approval from ICICI Bank ltd. The new payee should be in its   normal line of business. Airlines whose invoices shall not be discounted   Invoices pertaining to the following airlines shall not be discounted: •   Turkish Airlines • Cathay Airlines • China Eastern airlines • Ethopian   Airlines • Jet Airways For deleting any new airlines name from the above   list, the company shall provide requisite docs to the satisfaction of ICICI   bank. General Terms and Conditions The **invoice(s)/bills will be discounted   with recourse to the Borrower. Invoices which are more than 15 days old shall   not be considered for the Facility ICICI bank reserves the right to demand   underlying documents on account of regulatory requirement or its internal   policies. ICICI Bank will provide the Facility when the file containing the   details of the invoices ("File") has been uploaded by the borrower,   which shall be treated as deemed acceptance by the borrower. Authorization by   the purchaser/client is not required for the transaction. Breach of any   representation, warranty or covenant ·specified herein or any other   Transaction Document shall be deemed to be an event of default under the   Facility. The Borrower shall provide I give 15 days advance written notice to   ICICI Bank in the event the Borrower and I or the Purchaser decide to   terminate the agreement between them. Such termination may, at the sole   discretion of ICICI Bank, be treated as an event of. default under the   Facility. In such an event, the obligations of the Borrower shall continue to   exist in relation to the Facility unless all monies in respect of the same   are paid to ICICI Bank, to its satisfaction. Applicable representations and   warranties: (a) that the details of invoice(s) submitted to ICICI Bank for   discounting represent genuine sales transactions of 

    

 

10   goods/services; (b)that the amounts of such invoice(s) truly represent the   value of the goods so transported/shipped; (c) that sale of goods/services   for which the Borrower is availing the Facility from ICICI Bank has not been   conducted between related parties of the Borrower like group companies,   associated companies, house firms and identical companies. (d) that the   outstanding amount under the Facility will be deducted at the time of   calculating the value of the receivables of the Borrower till the time the   said amount is paid to the satisfaction of ICICI Bank. Any other condition as   may be specified by ICICI Bank. Special Condition The Bank reserves right to   verify underlying documents physically including copies of the invoice(s) and   any kind of documents showing proof of sale of services. This verification   shall be carried out on Half yearly basis on randomly selected transactions   or as and when ICICI Bank so demands. Deal Structure 1) **The File containing   details of invoices will be uploaded by the Borrower/s through FSCM alone or   FSCM and H2H jointly or details of invoices shall be entered in FSCM system   by the Borrower/s. The same shall be treated as deemed request for   discounting from the borrower. 2) The Borrower will be paid the proceeds of   the Facility by way of direct credit/fund transfer to Borrower's bank account   as specified in the FSCM application form. 3) On due date, the Borrower shall   pay the outstanding amount of the Facility to ICICI Bank 4) ICICI bank shall   auto debit the amount on the due date from the collection account of the   Borrower maintained with ICICI bank Documentation with Borrower for the   Facility Including but not limited to: Facility Agreement & General   Conditions, if not executed already CIB, FSCM Application Form, if not active   already Board resolution (i) for availing the Facility and online availment of   the same through FSCM standalone or FSCM and H2H jointly Any other document   as may be required by ICICI Bank. 

    

 

Bani<   Guarantee 2 11 Facility Name: Bank Guarantee (BG) as a sublimit of Invoice   bill Discounting Proposed Limit: 200.0 million (sublimit of Invoice bill   discounting limit) Tenure: Maximum period of BG (including claim period, if   any) to be restricted to 18 months. Repayment schedule: NA Pricing: 1.00%   p.a. commission The commission shall be calculated on the actual number of   days basis i.e. from the date of issuance/ opening of the BG upto the end of   claim eriod. In case the above mentioned online system is not operational,   then the following offline bill discounting method needs to be followed:   Client to submit monthly details of fresh bills raised to the clients   mentioned above for the month, basis which business team to give approval on   the amount of discounting to be allowed to the borrower Documents to be   submitted would include: Clients request letter Signed copy of Invoice   Statement Charges applicable Courier charges-100 (only in case of offline   bill discounting) Stamp duty, at actuals, if any Verification charges of   Issuing bank, if required, at actuals Any other (please specify): NA General   •Bank will be at liberty to fix drawee/drawer-wise sub limits within the   overall bill discounting limits, if necessary. • The bills will be discounted   with recourse to the Borrower to whom this facility is granted. •Bank also   reserves the right to pre-approve the drawees in case of Sales Bill   Discounting and drawers in case of Purchase Bill Discounting. " Bill   proceeds would be credited to the Borrower's ICICI bank current account •If   felt necessary, discounting I purchase of export bills will be subjected to   availability of "satisfactory" opinion reports from banks I   agencies overseas. " Applicable representations and warranties: "   that the Bills and the documents tendered/submitted represent genuine trade   transactions of goods/services; " that the amounts of such Bills truly   represent the value of the goods/services so transported/shipped; and •that   the transactions in the nature of an accommodation have not been conducted   between related parties like group companies, associated companies, house   firms and identical companies (the "Group Companies") 

    

 

Yatra Online   Private Limited (YOPL or .Yatra) In case of foreign currency bank guarantees,   the following charges will be additional: SWIFT/communicationcharges Rs500   per guarantee Correspondent bank charges, if any, shall be charged on actuals   Security: As per security template T e Financial guarantee Sub-limit NA   Purpose Financial guarantees to be issued to International Air Transport   Association (lATA) as ATB shall pay to them under lATA Billing and Settlement   Plan reporting and remittance calendar. BG upto 20.0 million to be issued for   hotel and packages business Minimum Commission and other charges 500.0 per   gl,Jarantee Cash Margin Guarantees covering disputed liabilities-100%   Financial guarantees - 20% in the form of Fixed Deposits with ICICI Bank   Commission Collection Fre uency Payable upfront for the entire tenor of the   guarantee Validity 12 months General •The bank guarantees to be issued shall   be as per the format acceptable to the Bank •In case of bid bond I EMD   /advance payment I retention money guarantees stipulated under project   exports, Bank will obtain counter guarantees from ECGC at the expense of the   company •If the guarantees to be issued come under EPCGscheme, bank will   obtain counter guarantee of ECGC at the expense of the company Contractual   Comfort • Unconditionaland Irrevocable Corporate Guarantee from Yatra Online   Private Limited •Non Disposal Undertaking from the Parent not to dispose any   shareholding in the Borrower throughout the tenor of the Facility apart from   the pledge that the Parent has created before availing the facility. Borrower   I Obligor Air Travel Bureau Private Limited (ATB) Collecting Bank ICICI Bank   Limited Lender(s) ICICI Bank Limited and/or such other bank(s) or financial   institution(s) which may become lenders pursuant to transfer of all or a   portion of the Facility to such bank(s}/financial institution(s) by ICICI   Bank Limited 

    

 

Security   Template ( million) 13 Security (for working capital facilities} Asset detail   Type of charge (exclusive/first pari passu/second/residual} Value of asset   (as per last audited balance sheet, WDV in case of fixed assets) Valuation   date (wherever applicable) Exclusive charge on all the present and future   current Exclusive 1015.4 March 31,2018 Collection Mechanism The collection   made by the Borrower will be depositedin the Collection Account with the   Collecting Bank. The Borrower to be allowed to use the funds available in   their Collection Account, subject to no event of default being triggered off   under the Facility. Collection Account The Borrower opened current account(s)   with the Bank as per applicable terms and conditions. Declaration The   Borrower hereby gives specific consent to ICICI Bank for   submitting/disclosingthe 'financial information' as defined in Section 3(13)   of the Insolvency and Bankruptcy Code, 2016 (including all amendments and   replacements made thereto and all rules and regulations framed thereunder),   in respect of the Facility availed by the Borrower, from time to time, to   Information Utilities as defined in Section 3(21) of the Insolvency and   Bankruptcy Code, 2016 (including all amendments and replacements made thereto   and all rules and regulations framed thereunder), and directions issued by   Reserve Bank of India to the banks from time to time and hereby specially   agree to promptly authenticate and verify the 'financial information'   submitted by ICICI Bank, as and when requested by Information Utilities. The   Borrower hereby gives consent to ICICI Bank, to recover/set off any fees   required to be paid by ICICI Bank to the Information Utilities for availing   their services in relation to the Facility from the disbursements made to the   Borrower by ICICI Bank from time to time. 

    

 

Operational   terms and conditions financial 14 Period of sanction The working capital   facilities are payable on demand. However the facilities are available for a   period of 12 months subject to review at periodical intervals wherein the   facilities may be continued I cancelled I reduced depending upon the conduct   and utilisation of the facilities. 2. Unit Visit NA 3. Processing Fee   One-time non-refundable processing fee amounting to Rs. 4.5 million   (exclusive of taxes and other statutory levies, if any) by way of cheque/   demand draft/ other modes as may be acceptable to ICICI Bank. 4. Periodicity   of submission of information to the Bank Other information (OFI) The Obligor   to confirm the gross bookings and turnover on quarter basis within 45 days   from the end of the quarter or post declaration of quarterly results,   whichever is earlier Data re uired assets and movable fixed assets of the   borrower Exclusive charge on all future immovable fixed assets of the   borrower Exclusive 0.0 March 31,2018 The borrower to maintain current account   float of 150.00 million in a non-checking account with ICICI bank during the   tenor of the Facility. The aforesaid amount shall be lien marked to ICICI   bank Exclusive 150.0 April30, 2019 

    

 

15 renewal of   credit limits expiry of the credit limits Audited I unaudited financial   statements I. Provisionals: withinthree months from the close of the   accounting year II. Audited: within seven months from the close of the   accounting year 5. Creation of charges The company shall create security   stipulated by the Bank in a form and manner satisfactory to the Bank. The   Company shall file particulars of charges with the Registrar of Companies   within the period prescribed by law. 6. Sole I Multiple• All other terms and   conditions shall be as per banking General Conditions (GC-1) and the Credit   Facility arrangementsAgreement (CFA) to be executed between the compan and   ICICI Bank Ltd. 7. Other conditions Declaration to be submitted by the   Borrower regarding information with regard to credit facilities availed from   other bankers is obtained as per Annexure I of the RBI Circular 'Lending   under consortium arrangement I Multiple Banking arrangements' 8. Stock Audit   The bank in consultation with the company will arrange for stock and   receivables audit once in a year by an outside agency under the   consortium/multiple banking arrangement. The terms of reference will be   finalized by the Bank I consortium of banks at its sole discretion. The terms   of reference will be finalized by the Bank I consortium of banks at its sole   discretion. 9. Condition• Undertaking from the Borrower· that none of the   Precedents I director's name is into RBI/ECGC defaulter list. Condition•   Statement of total collectionsand direct Subsequent I collections routed   through ICICI Bank available Special with the Borrower to be submitted within   15 conditionsdays from the erid of each month during the tenor of the   Facility. •ATB to provide account statements of all other non-ICICI Bank   accounts, if any, to ICICI Bank upon request. •The Borrower to provide   confirmation letter within 15 days from end of each month that minimum 95% of   the entire collections of the Obligor are routed through ICICI Bank every   month. Non-compliance of the same shall be considered as an event of default.   •The Borrower shall make all payments through its Collection Account only ·'T   Ji'l'e with the 

    

 

 Lender. 11The Borrower shall ensure that   minimum level of gross bookings on a monthly basis shall not fall below {   900.0 million. In case it falls below { 900.0 million for any month, the   Borrower shall be given cure period of 3 months to increase it above { 900.0   million/ month 11In case gross bookings in any month falls below { 700.0   million, Event of Default to be triggered under the Facility. All collections   in the Collection Account of the Borrower maintained with ICICI Bank to be   utilized to fully pay off the outstanding under the Cash Credit facility and   fully cash collateralize the outstanding under the BG facility; and no   further disbursements shall be made till such Event of Default has been cured   to the satisfaction of the Lender. 11The Borrower shall not declare any   dividend payout/upstreamingof profit/ extend loan/advances from the Borrower   to Yatra Online Private Limited (YOPL). The Borrower shall only deal with   YOPL in transaction which are regular business in nature. Lender shall have   the right to seek all relevant information in this regard, at all times   during the currency of the Facility. 11The Borrower shall take ICICI Bank   approval in caseof raising any further indebtedness including by way of   Corporate Guarantee apart from incremental debt (subject to no breach in   stipulated financial covenants) of upto { 100.0 million excluding commercial   card facilities availed by the Borrower. • Information will be obtained on   quarterly basis regardingthe unhedged foreign currency exposure of the   Borrower. If the Borrower has unhedged foreign currency exposure, then the   Bank will reserve a right to increase the pricing. •The borrower shall obtain   and maintain comprehensive insurance cover for the assets of the borrower   during the tenor of the facility, to the satisfaction of ICICI Bank. •   Undertaking by the Borrower to route the entire collections through   Collection Account only maintained with the Lender before limit setup. •The   Borrower to confirm that at the time of availing the Facility there has been   no cancellation from the top 20 customers •The Borrower to confirm that there   a 

    

 

following:   collected in the accounts of the Borrower towards the Lender amounts, if any,   may be non-compliance with covenant on direct collectionsby the e tenor of   the Facility, the ensure to rectify such shortfall case the Borrower fails to   account shall be fully utilized to Facility amount and the the sole   discretion of the further issuance will be done y until the Events of Default   Acceleration of all outstanding Security (5) Charging of default have the   right to stipulate in 17 immovable fixed assets as on date. • Undertaking   from Yatra that its direct shareholding in ATB shall not fall below 51.0%   anytime during the currency of the facility and its management control shall   not fall below its shareholdingin ATB, anytime during the currency of the   facility. Breach shall be an Event of Default under the Facility. •The   Borrower to undertake that working capital availed by the borrower with in   MPBF limit •Any change in ownership/management of the company/Group   (shareholding change of more than 51%) cannot be done without prior   permission of ICICI Bank. •Renewal cum introduction of the fresh limits shall   be acknowledged by the YOPL •The Lender(s) shall have the right to stipulate   in the Transaction Documents such other conditions precedent, as they may   deem fit, prior to limit setu . 10. Consequences of Event of Default The   consequences of event not be limited to the In case of non-payment o respect   of the Facility: •The amount Borrower shall be obligation of the and the   balance released. In case of the routing of Borrower through t entire   cGIIections of monthly) during th Borrower shall within 15 days. In rectify   the shortfall: the aforesaid increase the Cash outstandingBG balance amounts,   if the Borrower at Lender(s). No under the BG Facilit are rectified (2) dues,   (3) Cancella Enforcement of rate The Lender(s) shall the Transaction of   default will, include but f any amounts payable in fully utilized to fulfil   the he Lender, <95% of the the Borrower (monitored (1) The amount collected   in Margin equivalent to the any, may be released to tion of total Facility   (4) Documents such other 

    

 

18 conditions   precedent, as they may deem fit, prior to limit setup 11. Financial Covenant   Total Debt (TD) I Earnings before Interest, Depreciation, Taxes and   Amortization (EBIDTA) shall not to exceed 5.5 times during the tenor of the   facility. The financial covenants shall be tested on annual basis. The   calculation date will be 31st March immediately following the first   disbursement and every twelve months thereafter within 120 days from the end   of the relevant monitoring period. Definitions: Total debt (TD) includes long   term debt, short term debt falling due in one year, working capital   borrowings and any corporate guarantees issued in favour of any of its   subsidiaries/group companies. Earnings before Interest, Depreciation, Taxes   and Amortization (EBIDTA) includes total operating income less excise duty   plus other recurring income less operating expenses excluding interest,   depreciation, taxes and amortization Formula for computation of above   financial covenants: •Total Debt (TD): Long term debt+ Short term debt +   Working capital bank finance •Earnings before Interest, Depreciation, Taxes   and Amortization (EBIDTA): Total operating income - excise duty + other   recurring income incidental to main business operating expenses excluding   Interest, Depreciation, Taxes and Amortization 12. Section 281 certificate of   Act IT Option 1: Screenshot from the IT portal of the borrower entity PAN no.   duly certified by the Company Secretary (if available for a corporate   borrower) or by a Chartered Accountant. For the AYs for which the portal is   yet to be updated, the Business team based on the annual financial statements   of the Borrower to add further potential tax demands to the aggregate figure   available on the IT portal. Option 2: A Statutory Auditors Certificate (preferably)   or a Chartered Accountants Certificate giving the status of upto date tax   demand in respect of the Borrowers tax assessment which have been completed   along with copy of the assessment orders. The CA Certificate would also   certify the tax status in respect of the IT Returns which have been filed but   not assessed. The Lender reserves the unconditional right to cancel the   Facility (either fully or partially) wi,thout 

    

 

Default   interest rates Non-submission or of Default interest would be charged from   the du·e date 2 delayed submission Provisional actual submission Due date of   submission is as Audited 19 Sl Nature of default Reckoning of default   interest Default interest rate (p.a.) payable monthly Non-submission or   Default interest would be delayed submission of charged from the due date OFI   or equivalent of submission till the date of reports actual submission Nil   financia • • l statementsof submission till the date of Nil follows: prior   notice to the Borrower, on the occurrence of any one or more of the   following: 1. In case the overall limits I part of the overall limits are not   utilized by the Borrower; or 2. In case of deterioration in the   creditworthiness of the Borrower in any manner whatsoever; or 3. In case of   non-compliance of terms and conditions contained herein or in the Facility   Agreement or any other transaction document For the purpose of this clause,   deterioration in the credit worthiness shall mean and include without   limitation, the following events: 1. Downgradeof the rating of the Borrower   by a credit rating agency; 2. Inclusion of the borrower and/or any of its   directors in the RBI's defaulter list; 3. Closure of a significant portion of   the Borrower's operating capacity; 4. Decline in the profit after tax of the   Borrower by more than fifteen percent; 5. Any adverse comment from the   auditor; and 6. Any other reason/event in the opinion of the Lender   constituting or which may constitutedeterioration in the creditworthiness. 

    

 

accounting year   Default interest Rates in respect of bill discounting facilities: Documented   6% over the o Documented discounted 20 Sl Type of Facility (As applicable)   Recl<oning of default interest Default interest rate (p.a.) payable   monthly 1 Demand Bil Purchased (outstation) Default interest would be charged   from th 8th day post purchase (i.e. allowing 7 days fo transit) till the date   of realisation For bills returned unpaid, the default interes would be   charged from the date of purchas till the date of recovery 6% over the Documented   Rate Rate Rate 2 Demand Bil Purchased (Local) Default interest would be   charged from th 3rd day post purchase till the date o realisation In case the   bill is returned unpaid, the defaul interest would be charged from the date   purchase till date of recovery 3 Usance Bill For period beyond the due date   2% over the Documented In case the bill is returned unpaid, interest to be   charged from the date o discount till the date of recovery •Renewal data 3   months from the close of 6 months from the close of accounting year On expiry   of credit limits 3 Insurance Insurance cover not obtained I not renewed Nil 4   Default on invocation of Bank Guarantee In case payment is not made towards   invoked Bank Guarantee within 2 days, default interest would be charged from   the date of receipt of claim till the date of payment I-MCLR-6M+ 10% 

    

 

h 21 Sl Type of   Facility (As applicable) Recl<oning of default interest Default interest   rate (p.a.) payable monthly rate 4 Inland Cheque Default interest would be   charged from th Purchased 8th day post purchase (i.e. allowing 7 days fo   Documented Outstationtransit) till the date of realisationRate If the cheque   is returned unpaid, defaul 6% over the interest would be charged from date o   Documented purchase till date of recovery Rate 5 Inland Cheque If the cheque   is returned unpaid, defaul 6% over the Purchased interest would be charged   from date o Documented Local purchase till date of recovery Rate 6 Bills   received under Inland Letter of Credit (L/C} a) Sight Bills I-MCLR-6M +10% In   case of inland bills under L/C not paid within 7 days from the date of   receipt, default interest would be charged from the 81 day till the date of   realisation b) Usance Bills I-MCLR-6M +10% In case of inland usance bills not   paid on the due date, default interest would be charged from the due date to   the date of realisation 7 Default rate of Default interest would be charged   from due 2 % over the Interest in Inland date till date of realisation   Documented Bill Rate 

    

 

F , 'I, ! ??'   22 Guarantor Signature Security Signature( , ) Provider: "1Exhibit 4.28

AMENDATORY   CREDIT CAL6068647586 April 16, 2019 I Yatra Online Private Limited Unit No   1101-03, Tower-B, 11thFioor, Unitech Cyber Park, Sector-39 i Gurgaon,   India-122001 ' .--'· ·:.,; : ·; Attention: Mr. Alol< Vaish Dear Sir:   Please refer to the Credit Arrangement Letter no. CAL930636745810 dated June   22,2018 (the "'CAL"'), issued to you by ICICI Bank Limited (the   "'Bank") wherein the Bank has agreed to provide I provided to you   financial assistance not exceeding Rs. 1100.0 million (thr-; ''Facility..')   on the terms and conditions contained therein. At your request, we are   agreeable for modifications of the existing terms and conditions of the CAL   to the extent specified in the Annexure hereto, which Annexure shall be   deemed to be part of this letter. This letter shall be read in conjunction   with the CAL and be construed as if the provisions of this letter were   incorporated therern by way of addition. To the extent of any inconsistency   between the terms of this letter and the CAL, the provisions of this letter   shall prevail. Save for changes specified hereinabove, all the other terms   and conditions of the CAL shall remain unchanged and in full force and   effect. Please note that this communication should not be construed as giving   rise to any binding obligation on the part of ICICI Bank unless you have   returned the duplicate copy of this ietter duly signed by you in token of   acceptance hereof and signed I executed the agreements I documents in   connection with the Facility by May 27, 2019 or such further time as may be   allowed by ICICI Bank in writing in its absolute discretion. !.:or Yaira   Online Private Umite0 Approved and accepted by the Borrower: Signature(s): _   Date:--------'---110 ICICI Bank Limited ICICI Bank Tower NBCC Place, Pragati   Vihar, Bhishma Pitamah Marg New Delhi - 110003. Regd. Office : ICICI Bank   Tower, Near Chakli Circle, Old Padra Road, Vadodara 390 007, India. Corp.   Office : ICICI Bank Towers, Bandra.Kurla Complex, Mumbai 400051,India.   Tel.:+91-11-24390000 Fax:+91-11-24390070 Website www.icicibank.com CIN   :L65190GJ1994PLC021012 ARRANGEMENT LETTER 

    

 

(1/C/C/ Bank   Annexure The fo.llowing clause stands modified as follows: la,;s -   Exist:.:in::g"-'t:=e::rc_:mc_ 1 over immoveable fixed assets of the   collection cash margin account no. with 002105023538and collection with   accountno. 000705023846and 031405000890 maintained with ICICI hall lnnoven   Bureau (ATB) held by the Company i: i Cash ii) Exclusive charge on Cash   margin accountno. 002105023538and 002105023538 '""""';   "·:.,, :. :::::,::"":::,::""· lf-LI[IJI!J· :)   "''" '"" " :' 7;;;-;::";;v'</ 1_1000/.Vi   "''""·:.::.:.,:::: ·/ [ --,----+-,---=---'R   e=cvccic:sc::ec::d:_t::ceccr::m:_:__ _, _ the i) First pari passu charge on   the and Current assets exCept receivables of the TCSand on movable and no.   Borrower excluding charge over and accounts of the Borrower with Air Bank.   The current assets shall not the include those shares of Air Travel over   which lnnoven Capital has an exclusive charge. The receivables accruing to   the borrower from TCS to American Express subject to the following: • Yatra   Online Pvt Ltd (YOPL) to execute necessary facility/security documents to the   satisfaction of ICICI Bank Ltd and charges filed with registrar of companies   • Maintaining stipulated cover of 1.2 times on open exposure of ICICI Bank Rs   500.0 million by way of corporate debtors for less than 60 days • Maintaining   unencumbered liquidity excluding liquidity of ATB of atleast Rs 300.0 million   on monthly basis • Proceeds from American Express shall be routed through   ICICI Bank collection account l Security r) First pari passu charge on   Current assets and moveable immoveable fixed assets of Borrower excluding   charge ! cash margin account 002105023538and accounts of the Borrower account   no. 000705023846 031405000890maintained ICICI Bank. The current assets s not   include those shares of Travel Bureau (ATB) held by Companyover which Capital   has an exclusive charge. ii) Exclusivecharge on margin account no. and   collection accounts of t he collection accounts of the Borrowey 

    

 

current account   float of a non­ non-checking the tenor maintain '!'600.0 Bank. iii) The   Borrower to maintain account float of < 600.0 milli ICICIbank m a account   during the tenor Facility current on with of the iii)The Borrower to million   with ICICI bank in checking account during of the Facility.

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