Nishant Bitti, one of the co-promoters of Easy Trip Planners Ltd, the parent company of the online travel aggregator EasyMyTriphas resigned from his position as CEO effective January 1, 2025, for personal reasons.
On Monday evening, Nishant Bitti revealed his intention to divest his remaining 14% ownership in Easy Trip Planners through block trades. However, only 1.4% of his stake was successfully sold on Tuesday.
Rekant Beti, who previously served as the company’s CFO and is also Nishant’s brother, has been appointed as CEO with immediate effect.
On December 31, a block of Easy Trip shares worth Rs 78.32 crore was sold by co-founder Nishant Beti, resulting in the sale of 4.99 crore shares or 1.41 per cent stake in the company. EaseMyTrip operates under the Easy Trip Planner brand.
Following this deal, Pitti’s ownership in Easy Trip decreased to 12.8 percent. The total promoter ownership also fell to 48.97 per cent from 50.38 per cent.
Additionally, on September 25, Pitti sold Rs 24.65 crore equity shares, which constituted 14% of the total share capital and amounted to Rs 920 crore.
At 11.30 am, Easy Trip shares were trading at Rs 15.75, down 0.76%.
Easy Trip Planners, operator of EaseMyTrip.com, is a fast growing and profitable player in the online travel portal industry in India. They offer a wide range of travel-related products and services, including air tickets, hotel and holiday packages, railway tickets, and bus tickets, for complete travel solutions.
In Q2 FY25, the company’s consolidated net profit fell by 45.17% to Rs 25.87 lakh crore compared to Rs 47.18 lakh crore in the same period of the previous year. However, revenue from operations saw a modest 2.1% increase year-on-year, reaching Rs 144.67 crore in the quarter ended September 30, 2024.
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