Easy Trip Planners to Acquire 75% Stake in Nutana Aviation

Easy Trip Planners Ltd, which operates India's second largest online travel technology platform, EaseMyTrip, has announced the acquisition of a 75% stake in Nutana Aviation Capital.

Easy Trip Planners‘ board of directors approved the acquisition of 75% of Nutana Aviation Capital on December 1.
“The company is entering into a definitive agreement to acquire a 75% stake in Nutana Aviation Capital IFSC Pvt Ltd, subject to closing conditions,” the online travel portal said in a stock exchange filing.

“Nutana Aviation will operate lease and book charter operations in the growing global charter market,” it added.
New Delhi-based Easy Trip Planners was founded in 2008 by Nishant Pitti, Rikant Pitti and Prashant Pitti. The company offers hotel bookings, air tickets, vacation packages, bus bookings and white-label services. Nutana Aviation Capital is an aviation asset finance leasing company based in GIFT City.

Easy Trip Planners is looking to step up acquisitions to bolster its non-air travel business as a recovery in demand puts it on track for solid growth in the third quarter, one of the co-founders told Reuters.

The company’s shares were trading at Rs 67.65 per share on the BSE, up 7.38% as of 1 pm, compared with the benchmark Sensex at 63,397.76, up 298.11 points or 0.47%.

Shares of Easy Trip Planners have more than quintupled since going public last March. Last month, the company split its stock and issued bonus shares.

According to a PTI report, the company posted a record Gross Booking Revenue (GBR) for Q2FY23 at Rs 1,977.7 crore, the highest of any quarter. Operating income stood at Rs 108.5 crore, up 91.52% year-on-year to Rs 56.65 crore.

The company reported net revenue of Rs 112.07 crore for the quarter, compared to Rs 59.78 crore in the same period last year, an increase of 87.5% year-on-year. It also announced a 3:1 bonus issue. That is, for every 1 share held on the equity registration date, the company will give 3 bonus shares or issue additional shares.

Get Daily Prediction & Stocks Tips On Your Mobile