Shares of Easy Trip Planners Ltd., parent company of online travel aggregator EasyMyTrip, surged as much as 17% at the start of trade on Monday, January 6, after one of its co-promoters confirmed that there will be no further stake sale from any of its promoters in the future.
Nishant Pitti, one of the co-promoters, had tweeted on social media platform “X”, that there will be no further stake sale from his end in Easy Trip Planners. He confirmed the same in an interaction with SRK Nation on Monday.
Pitti told SRK Nation that the 1.4% stake he sold last week was due to personal requirements and that neither he, Prashant or Rikant Pittie will be selling any further stake in the company. He also said that the 14.2% stake that he owns in the company was never fully on sale to begin with.
A day after the stake sale, Pitti had quit as CEO of the company and Rikant Pittie was elevated as the CEO. Nishant Pitti will continue to remain Chairman of the company.
In another post on “X” on Monday, Pitti said that as Chairman, he will continue to focus on driving international expansion for the company, while Rikant will lead the day-to-day operations.
Pitti told SRK Nation that everything is fine between the three brothers and that he will stay on as the Chairman of the board. He added that the funds raised from the stake sale will be used for investing into the travel sector.
The company also has cash worth 400 crore on its books, Pitti said.
Easy Trip’s shares were in focus last week after Nishant Pitti had announced on Monday that he will exit the company by selling his remaining 14% stake in the company. However, only 1.4% of that stake was sold and Pitti quit the following day.
Shares of Easy Trip Planner are off opening highs, but are trading 7% higher currently at ₹16.6.
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