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

31 December 20242 mins read by Angel One
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.
Easy Trip Shares Drop 10% on Co-founder’s Stake Sale Via Block Deal
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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.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in securities market are subject to market risks, read all the related documents carefully before investing.

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