Easy Trip Shares Drop 10% on Co-founder’s Stake Sale Via Block Deal

On December 31, 2024, shares of Easy Trip Planners fell by as much as 10% after the company’s co-founder and one of its three promoters, Nishant Pitti, revealed plans to sell his remaining 14% stake through block deals. The transaction had not been fully completed by the end of the day, as reported by CNBC TV18. Easy Trip share price opened at ₹15.76 and touched the day low of ₹15.36 at 09:35 AM.

On December 31, a total of 3.4 crore shares, or 0.9% of the company’s equity, worth ₹53 crore, were traded in block deals at ₹15.5 per share. The large-scale sale is still ongoing. Nishant Pitti had planned to offload 50 crore shares at a floor price of ₹15.6 per share.

Institutional Investors Set to Participate

Institutional investors, including 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 take part in the transaction, according to a report from Monday.

Previous Stake Sale by Pitti in September

On September 25, 2024, 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, raising ₹920 crore.

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