Nishant Pitti, co-promoter of Easy Trip Planners Ltd., the parent company of the online travel aggregator EaseMyTripresigned as CEO effective January 1, 2025, for personal reasons.
On Monday evening, Nishant Pitti had revealed plans to divest his remaining 14% stake in Easy Trip Planners through block deals. However, only 1.4% of its stake was successfully sold on Tuesday.
Rikant Pittie, who was previously the company’s CFO and is also Nishant’s brother, has been appointed CEO with immediate effect.
On December 31, a block of Easy Trip shares worth Rs 78.32 crore was sold by co-founder Nishant Pitti, resulting in the offloading of 4.99 crore shares or a stake of 1.41 percent in society. EaseMyTrip operates under the Easy Trip Planner brand.
Following this transaction, Pitti’s stake in Easy Trip fell to 12.8 percent. The overall promoter stake also decreased from 50.38 percent to 48.97 percent.
Further, on September 25, Pitti sold 24.65 crore shares, which constituted 14% of the total share capital and amounted to Rs 920 crore.
At 11:30 am, Easy Trip shares were trading at Rs 15.75, down 0.76 per cent.
Easy Trip Planners, the operator of EaseMyTrip.com, is a profitable and rapidly growing company in the online travel portal industry in India. They offer a wide range of travel-related products and services, including flight tickets, hotel and vacation packages, train tickets and bus tickets, for complete travel solutions.
In the second quarter of FY2025, the company’s consolidated net profit declined by 45.17 per cent to Rs 25.87 crore as against Rs 47.18 crore in the same period of the previous year. Despite this, operating revenue saw a slight increase of 2.1% year-on-year, reaching Rs 144.67 crore in the quarter ending September 30, 2024.
