Block deal today: Easy Trip Planners promoter likely to sell shares worth Rs 580 crore

A promoter of Easy Trip Planners Ltd (EaseMyTrip) Nishant Pitti is reportedly looking to sell 15 crore shares on Wednesday, comprising of 8.5 per cent of the total share capital, in a block deal, as per a media report. Business Today could not independently verify the report.

As per the report, the floor price for the block deal is set at Rs 38 and the block deal may total nearly Rs 580 crore. Multiple institutional investors are seen as potential buyers, sources told Moneycontrol.

Easy Trip Planners is a domestic online travel agency (OTA), which was established by three brothers Nishant, Rikant, and Prashant. It is engaged in airline ticketing, hotels, and holiday packages through B2C, B2E, and B2B2C channels, including partnerships with traditional agents in Tier II & III cities.

Shares of Easy Trip Planners Ltd have fallen 7 per cent in the past six months. The stock is flat for 2024 so far.

Nishant Pitti held 49,84,10,788 shares or 28.13 per cent stake in Easy Trip Planners as on June 30. Rikant held 45,86,40,176 shares or 25.88 per cent stake, while Prashant owned 18,23,27,120 shares or 10.29 per cent stake in Easy Trip Planners as on June 30. The promoter group held 1,13,93,78,084 shares or 64.30 per cent stake in the travel company at the end of June quarter.

Pitti, CEO of EasemyTrip, in a reply to email sent by Moneycontrol said that they will selling a block of shares through their brokers Motilal and SMC.

Easy Trip Planners recently announced 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.