EaseMyTrip parent shares fall 10% on Nishant Pitti’s plan to exit by selling his remaining stake

Shares of Easy Trip Planners, parent company of online travel aggregator EaseMyTrip fell as much as 10% after the company’s co-founder Nishant Pitti, who is also classified as one among the three promoters, announced plans to sell his remaining 14% stake in the company via block deals. The deal is yet to fully take place on Tuesday, December 31.

As many as 3.4 crore shares or 0.9% equity worth ₹53 crore changed hands in block deals on Tuesday, December 31, at ₹15.5 apiece. The large trade is still underway.

On Monday, December 30, CNBC-TV18 reported, citing sources that EaseMyTrip co-founder Nishant Pitti was set to sell his remaining 14.21% stake in the company for ₹780 crore via a block deal the next day.

EaseMyTrip, operated under Easy Trip Planner, has been a prominent player in the online travel booking space. Pitti was to offload 50 crore shares at a floor price of ₹15.6 per unit.

Institutional investors such as CRAFT Emerging Market Fund PCC – Citadel Capital Fund, CRAFT Emerging Market Fund PCC – Elite Capital Fund, Multitude Growth Funds Limited, Nexpact Limited, and Eminence Global Fund are expected to participate in the transaction, as per Monday’s report.

On September 25, Pitti sold 24.65 crore shares, representing 14% of the company’s total share capital. The shares were sold at prices ranging between ₹37.11 and ₹38.28 per unit, fetching a total of ₹920 crore.

Shares of Easy Trip Planners were trading nearly 10% lower at ₹15.39 apiece on Monday, December 30. The stock is down 24.37% this year, so far.