Prashant Pitti of Easy Trip Planners told CNBC-TV18 that promoters of the company were sellers in today’s transactions and that they have no intention to sell any further stake. As of the March quarter shareholding pattern, the promoter group held 74.9 percent stake in the company.
Shares of Easy Trip Planners Ltd. are down over 3.5 percent on Friday after the company witnessed multiple block deals in Friday’s trading session.
4.1 crore shares or 2.35 percent of the company’s total equity exchanged hands in as many as 40 large deals, according to exchange data. The total transaction size is valued at Rs 164 crore.
Prashant Pitti of Easy Trip Planners told CNBC-TV18 that promoters of the company were sellers in today’s transactions and that they have no intention to sell any further stake. As of the March quarter shareholding pattern, the promoter group held 74.9 percent stake in the company.
Pitti also mentioned that some marquee investors are buyers in the transaction, without specifying the names.
On June 23, Nishant Pitti, one of the promoters of Easy Trip Planners, divested 6.25 crore shares, amounting to a 3.26 per cent stake, in the company for more than Rs 266 crore through a block deal on the BSE. The shares were offloaded at Rs 42.6 apiece to Wilson Holdings.
Easy Trip Planners, which has been in expansion mode, has acquired majority stakes in two companies in the last six months. In January, Easy Trip Planners purchased a 55 per cent stake in Andhra Pradesh-based Glegoo Innovations, which provides online travel and tours-related services for Rs 3 crore.
The announcement came after the company rolled out its EaseMyTripaE franchise program to offer a retail store experience to customers.
Previously, the company acquired a 55 per cent majority stake in cheQin, a real-time marketplace that allows travellers to bargain with hoteliers, through the primary route.
Pitti further mentioned that he expects the company’s Gross Merchandise Value and net profit to double by financial year 2024.
Shares of Easy Trip Planners are currently trading 3.6 percent lower at Rs 40.47.
Also read: Best July 4 Celebrations in America
