Easy Trip Planners Ltd.'s board will consider and approve the issue of bonus shares on Oct. 14. The company had previously issued two bonus shares to its shareholders.
The first bonus shares were issued in a 3:1 ratio, which means for each share held by the shareholder, they will receive three free shares. The second bonus shares were issued in a 1:1 ratio, according to the data on the Bombay Stock Exchange.
In September, the promoter of Easy Trip Planners traded 13.9% stake through an open market transaction. Nishant Pitti sold 24.64 crore shares through three different bulk transactions for Rs 920.06 crore.
The first transaction involved 16.91 crore shares, or 9.54% stake, at Rs 37.22 apiece. In the second transaction, he offloaded 6.73 crore shares, or 3.8% equity, at Rs 37.42 apiece. In the third deal, he traded 1 crore shares, or 0.56% stake, at Rs 38.28 apiece.
Earlier, the board of online travel tech platform approved to incorporate a wholly owned subsidiary to enter the electric bus manufacturing market.
The company said that Easy Green Mobility, along with YoloBus, another subsidiary of the company, will manufature EV buses.
It plans to invest Rs 200 crore over the next two to three years in extensive research and development, product innovation, and the establishment of manufacturing facilities.
Shares of Easy Trip Planners closed 3.77% higher at Rs 34.09 apiece, compared to a 0.12% fall in the benchmark NSE Nifty.
The stock has fallen 16.24% in the last 12 months and 15.51% year-to-date. The relative strength index was 38.63
Out of two analysts tracking the company, one maintains a 'hold' rating, and one recommend a 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 20.2%.
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