Promoter Sold 49,30,99,666 Shares: LIC-Backed Stock Under Rs 35 To Keep Under Radar As Board Announces 1:1 Bonus Share
On Monday, the shares of the company were trading at Rs 33.46 per share, down 2.16 per cent from its previous closing of Rs 34.20 per share.
Easy Trip Planners Ltd, one of India’s largest online travel tech platforms, has approved the issuance of 1 (one) bonus equity share for every 1 (one) fully paid-up equity share, as per the decision of the board meeting held today. The bonus shares will be issued from the company's available reserves as of March 31, 2024. This move highlights EaseMyTrip’s commitment to rewarding shareholders, following two successful bonus issuances in 2022.
The key details of the EaseMyTrip bonus issue include a 1:1 bonus ratio, meaning one bonus share will be issued for every fully paid-up equity share. The total number of shares to be issued is 1,77,20,40,618 at a face value of Re 1 each. The issuance will be financed using Rs 1,772.04 million from the company's available reserves of Rs 3,973.96 million. After the bonus, the total share capital will stand at Rs 3,544.08 million, reflecting the company's growth and its commitment to rewarding shareholders. EaseMyTrip has steadily grown its market presence, remaining profitable while expanding into new segments and maintaining a customer-centric approach.
The company's promoter, Nishant Pitti. Pitti offloaded a substantial quantity of shares, totalling 49,30,99,666, worth a staggering Rs 18,40,13,12,449. These shares were sold to various retail investors through open-market transactions.
On Monday, the shares of the company were trading at Rs 33.46 per share, down 2.16 per cent from its previous closing of Rs 34.20 per share. The stock’s 52-week high is Rs 54 and its 52-week low is Rs 31.71.
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About Easy Trip Planners Ltd
A publicly traded Indian travel platform, EaseMyTrip is one of the largest for air ticketing and among the fastest-growing internet companies. Founded in 2008 and profitable since the beginning, they offer flights, hotels, holidays, rail & bus tickets and other travel needs with no convenience fees. They connect users to over 400 airlines, 2 million hotels, and various local transportation options, operating in India with offices in major cities and internationally through subsidiaries. The company has a market cap of over Rs 5,900 crore and LIC owns a 2.17 per cent stake in the company.
Earlier, Easy Trip Planners Ltd, through its new subsidiary Easy Green Mobility, ventured into the electric bus manufacturing market. The company aims to manufacture EV buses, with YoloBus serving as its operating arm. This initiative marks a significant milestone in EaseMyTrip's commitment to sustainable mobility. With a focus on cutting-edge technology and energy-efficient battery systems, Easy Green Mobility aims to capture a significant share of the growing Indian electric bus market, offering innovative and eco-friendly travel solutions.
Disclaimer: The article is for informational purposes only and not investment advice.