EaseMyTrip Shares Climb 6% After Nishant Pitti Offloads Stake Worth Rs 920 Crore
Shares of Easy Trip Planners saw a recovery on Thursday, September 26, climbing as much as 6.38 per cent to hit an intraday high of Rs 36.49.
The rebound followed a major drop of up to 8 per cent the previous day amid multiple block deals. The drop, meanwhile, led to a fresh 52-week low for the stock.
Nishant Pitti sold 24,65,49,833 (24.65 crore) shares of the company for a total value of Rs 920.06 crore, with the shares sold in a price range of Rs 37.22 to Rs 38.28, according to data available on NSE bulk deals.
This represents about 14 per cent of Easy Trip Planners, reducing Pitti’s stake to approximately 14 per cent from the earlier 28.13 per cent held as of the quarter ended June 2024.
According to the June quarter data available on the exchange website, a total of 64.3 per cent of the equity in the company is held by the promoter and the promoter group. The remaining 35.70 per cent rests in the public shareholders’ hands.
In a separate filing, the company said that it has entered an exclusive partnership with PhonePe to launch its Hotels segment on the platform.
The collaboration aims to enhance user experience by providing seamless access to millions of domestic and international hotel options.
PhonePe users will benefit from unique access to a wide array of top hotel deals and special offers. EaseMyTrip plans to expand its offerings further by introducing Activities and Cabs on PhonePe, creating a comprehensive travel booking experience.
The EaseMyTrip Hotels platform is known for its user-centric design, featuring a smooth interface, competitive pricing, and flexible booking options, including free cancellations. All these advantages will now be available to PhonePe users, the company revealed.
On Monday, the company announced its partnership with Bank of Baroda to launch a co-branded travel debit card for frequent travelers, making it the first such card introduced by a public sector bank.
“Bank of Baroda, one of India’s leading public sector banks, in collaboration with EaseMyTrip.com, one of India’s largest online travel tech platforms, today announced the launch of the Bank of Baroda EaseMyTrip Co-branded Travel Debit Card, designed to cater to frequent travellers and entertainment & lifestyle enthusiasts. This is the first co-branded travel debit card to be launched by a public sector bank,” the company said in an exchange filing.
The market capitalisation of Easy Trip is Rs 6,473.26 crore, according to BSE. The company falls under the BSE 500 category.
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