September 25, 2024
New Delhi, India
EasyMyTrip Shares
Shares of Easy Trip Planners Ltd (EaseMyTrip) dropped up to 8% on Wednesday morning following reports of a block deal. The promoter, Nishant Pitti, is set to sell 15 crore shares, representing 8.5% of the company’s total share capital, for a deal valued at approximately ₹622 crore.
Stock Drops Amid Heavy Turnover
The stock hit a low of ₹37.96 on the BSE, declining by 7.46% during early trading. This drop follows a 13.6% decline over the past six months, erasing the stock’s year-to-date gains.
Trading volumes surged, with a turnover of ₹704.75 crore on the NSE and ₹62 crore on the BSE. The floor price for the block deal was set at ₹38 per share, with reports estimating the total deal value at ₹580 crore. Multiple institutional investors are reported to be interested in buying the stake.
Promoter Shareholding Breakdown
As of the end of June, Nishant Pitti held 28.13% of the company’s shares, while his brothers, Rikant Pitti and Prashant Pitti, held 25.88% and 10.29%, respectively. The promoter group collectively owned 64.3% of Easy Trip Planners as of the June quarter.
First Co-Branded Debit Card Launch
In other developments, Easy Trip Planners recently partnered with Bank of Baroda to launch the EaseMyTrip Co-branded Travel Debit Card. This card, aimed at frequent travelers and lifestyle enthusiasts, is the first co-branded travel debit card offered by a public sector bank.
Currenctly EasyMyTrip shares were trading at ₹37.54 down 8.39% by 11:17 IST.
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