Easy Trip Planners Ltd share price rises 7%: Promoter completes stake sale in block deal and the overhang is behind

Stock in focus: Easy Trip Planners Ltd share price remains in focus as promoter offloads stake in Block deal.

The Easy trip planners share price rebounded up to 7% in the morning trades on Thursday after seeing a sharp fall of 16.4% on the BSE on Wednesday to close at ₹34.30 on block deal buzz. On the NSE the Easy Trip Planners share price that had fallen 15.32% to ₹34.32, also rebounded up to 7% in morning trades.

As per the bulk deal data on the NSE Easy Trip Planners Ltd promoter Nishant Pitti has sold 67,357,201 shares at an average price of ₹37.42. Another 100,00,000 shares have been sold by Nishant Pitti at an average price of ₹38.28 . Nishant pitti also has sold 16,91,92632 shares at an average price of ₹37.22

Thus a total of 246,549,833 shares have been sold by Nishant Pitti.

As per the share holding of Easy Trip Planners, the promoters Nishant Pitti held 49,84,10,788 shares or 28.13% stake in Easy Trip Planners

Thus the promoter Nishant Pitti has sold slightly less than half of his stake or overall 13.9% stake in Easy Trip Planners .

However with stake sale being behind a overhang on the Easy Trip Planners share price is also behind.

In the meantime, due to its intentions to expand the YoloBus program, Ease My Trip Planners has also remained in focusand has been making headlines. Delhi-based online travel company EaseMyTrip is said to be planning to increase the number of electric buses in its fleet to 2,000 over the course of the next four years.

Also the company is expanding into the medical tourism and the board of Easy Trip Planners authorized two acquisitions totaling ₹90 crore recently. As per its release a few days back the company's board had approved proposed investment of 30% of the aggregate post money paid-up equity share capital of Rollins International Private Limited, for a value of ₹60 Crore. It also approved Proposed investment of 49% of the aggregate post money paid-up share capital of Pflege Home Healthcare Center LLC ( ₹30 Crore)

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