Shares of EaseMyTrip (Easy Trip Planners Ltd) fell over 6 percent on September 25 after a block deal worth Rs 176.5 crore was executed on the exchanges. Around 4.6 crore shares, representing a 2.6 percent stake, were traded at a floor price of Rs 38 per share, slightly below the previous closing price.
Following the deal, the stock declined to Rs 38.48 apiece on the NSE.
The firm’s promoter, Nishant Pitti, is said to offload 15 crore shares, which is equivalent to 8.5 per cent of all the shared capital, via block deal. Pitti held a 28.1 per cent stake in EaseMyTrip at the end of June 2024. The expected floor price for the sale is Rs 38 per share. Thus, the estimated aggregate value of the entire deal would be close to Rs 580 crore. There could be multiple institutional investors as the buyers.
In response to an email query, Nishant Pitti said the block of shares would be sold through brokers Motilal Oswal and SMC.
Shares of EaseMyTrip, erstwhile Easy Trip Planners shed 1.3 percent to close at Rs 40.99 on September 24. The shares have been in a consolidation phase for the last one year with a contraction of 2 percent whereas in the same period, the Nifty 50 index jumped 31 percent.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
