EaseMyTrip Cofounder Nishant Pitti Offloads 1.4% Stake

Nishant Pitti, cofounder, CEO, and promoter of travel tech major EaseMyTrip, offloaded a 1.41% stake, or 5 Cr shares, in the company on Tuesday (December 31) via a block deal. Following the sale, Pitti holds a 12.80% stake in the company.

As per NSE data, Pitti sold 4,99,52,163 shares at INR 15.68 apiece, with the deal amounting to INR 78.3 Cr. 

As per the data, Arunaben Sanjaykumar Bhatiya bought 2.4 Cr shares of the company at INR 15.86 apiece.

Earlier in the day, shares of Easemytrip plummeted as much as 10% during the intraday trading amid reports of Pitti selling his entire stake in the company. A Moneycontrol report said that Pitti was set to sell his remaining 14.21% stake in EaseMyTrip via a block deal worth INR 780 Cr. 

However, the stock pared some of the losses and ended the day 6.9% lower at INR 15.87 on the BSE. 

It is pertinent to note that this is the second such stake sale by Pitti in the last few months. In September this year, the cofounder sold 24.65 Cr shares of the company via multiple block deals for INR 920 Cr. 

Earlier this year, the company’s board approved its third bonus issue in a 1:1 ratio. This month, the board also approved raising INR 234.03 Cr from seven investors through a preferential issue of equity shares.

Amid all these, the company continues to expand its offerings. In November, the travel major picked 49% stake in Australia-based study abroad consultant services provider Planet Education Australia via an equity share swap worth INR 39.20 Cr.

The acquisition was in line with the company’s strategy to expand into the hospitality sector. Earlier this year, the company announced a partnership with the Jeewani Group and allocated up to INR 100 Cr to build a five-star hotel in Ayodhya.

In September, EaseMyTrip said its board approved plans to acquire a 30% stake in Rollins International for INR 60 Cr and a 49% stake in Pflege Home Healthcare Center LLC for INR 30 Cr as part of its push into medical tourism.

Meanwhile, the company’s consolidated profit after tax (PAT) for Q2 FY25 dropped 42.8% to INR 26.8 Cr from INR 46.9 Cr in the same quarter last year.