Easy Trip Planners' 1.4% Shares is Sold by Promoter Nishant Pitti for INR 78 Crore

Nitin Konde, Varun Bhardwaj

Jan 2, 2025 — 3 min read

Nishant Pitti Sells 1.4% Stake in Easy Trip Planners for INR 78 Crore

Travel tech giant EaseMyTrip's cofounder, former CEO, and promoter, Nishant Pitti, sold off 1.41% of the company, or 5 Cr shares, in a block deal on December 31. After the transaction, Pitti still owns 12.80% of the business. According to NSE statistics, Pitti sold 4,99,52,163 shares for INR 15.68 each, for a total transaction value of INR 78.3 Cr.

According to the data, Arunaben Sanjaykumar Bhatiya paid INR 15.86 per share for 2.4 Cr of the company's shares. Amid rumours that Pitti was selling his entire ownership in the company, shares of Easemytrip fell as much as 10% during intraday trading earlier in the day. Pitti was scheduled to sell his remaining 14.21% interest in EaseMyTrip in a block deal valued at INR 780 Cr, according to a media report.

Second Time Pitti Offloading Shares of EaseMyTrip

The fact that this is Pitti's second share sale of this kind in recent months. The cofounder sold 24.65 Cr of the company's shares for INR 920 Cr in several block deals in September of 2024. The company's third bonus issue was approved by the board earlier this year in a 1:1 ratio. The board also authorised a preferential offer of equity shares this month, raising INR 234.03 Cr from seven investors. Despite all of this, the business keeps adding new products to its lineup. Through an equity share swap valued at INR 39.20 Cr, the travel major acquired a 49% stake in Planet Education Australia, an Australian supplier of study abroad consultant services, in November.

Nishant Pitti Leaves his Position as CEO of EaseMyTrip

The parent firm of online travel aggregator EaseMyTrip, Easy Trip Planners Ltd., said that Nishant Pitti has resigned with effect from January 1 for personal reasons. According to an exchange filing, Rikant Pitti, the company's CFO and Nishant's brother, has been cleared by the board of directors to take over as CEO with immediate effect. Nishant Pitti, Rikant Pitti, and Prashant Pitti launched EaseMyTrip, which is run by Easy Trip Planners, in 2008. In recent months, the firm has taken a number of noteworthy actions.

Co-founder Rikant Pitti was instrumental in the development and prosperity of EaseMyTrip in 2008. Having worked in the travel and tourist sector for more than 16 years, Rikant has a thorough awareness of consumer demands and market trends, which puts him in a strong position to guide the business into its next stage.

Expansion Plans of EaseMyTrip

The company's plan to enter the hospitality industry was supported by the acquisition of the Australian brand. The business said earlier this year that it had partnered with the Jeewani Group and had set aside up to INR 100 Cr to construct a five-star hotel in Ayodhya. As part of its drive into medical tourism, EaseMyTrip said in September that its board had approved plans to purchase a 49% investment in Pflege Home Healthcare Centre LLC for INR 30 Cr and a 30% stake in Rollins International for INR 60 Cr. In the meantime, the company's consolidated profit after tax (PAT) for the second quarter of FY25 decreased 42.8% from INR 46.9 Cr to INR 26.8 Cr.