Easy Trip Planners Set to Consider Bonus Share Issue on October 14

Easy Trip Planners, popularly known as EaseMyTrip, is gearing up for a board meeting on October 14, 2024, to consider a new round of bonus shares. The company's stock reacted positively to the announcement, rising by nearly 2% to trade at ₹33.46 per share on the NSE at around 3 PM on October 9.

The bonus issue is a strategic move to enhance shareholder value, with investors anticipating the outcome of the meeting. The last time the company declared a bonus issue was in November 2022, offering shares in a 3:1 ratio, where shareholders received three bonus shares for every one share they held. In February 2022, the company also declared a bonus issue in the same 3:1 ratio.

Recent Bonus History:

• November 21, 2022: Bonus issue in the ratio of 3:1
• February 28, 2022: Bonus issue in the ratio of 3:1

Easy Trip Planners has been making headlines for more than just its bonus issues. In the last week of September, a significant block deal saw shares worth ₹176.5 crore exchanged on the stock market, with approximately 4.6 crore shares (representing 2.6% of the company) changing hands at a floor price of ₹38 per share.

The company has also been expanding its business portfolio, particularly in the electric mobility sector. It recently announced the formation of a new subsidiary, Easy Green Mobility, which will focus on manufacturing electric buses. Another subsidiary, YoloBus, will operate these electric buses, positioning the company in the sustainable mobility market.

Furthermore, news broke earlier this year that one of the company's promoters, Nishant Pitti, was expected to sell 15 crore shares, representing 8.5% of the company's total share capital. This move was part of a block deal that took place in late September 2024. As of June 2024, Nishant Pitti held a 28.1% stake in the company.

In January, Easy Trip Planners briefly suspended flight bookings to the Maldives amid a boycott trend following controversial comments made by some Maldives ministers regarding Indian Prime Minister Narendra Modi's visit to Lakshadweep.

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With the board meeting approaching, all eyes are on the company's next steps regarding the potential bonus issue and its continued growth in the mobility and travel sectors.

Source: MoneyControl