Nishant Pitti frees up 10 Cr EaseMyTrip shares from bank pledge
Pitti owns 45.37 crore shares in total, about 12.8% stake in the company. The shares released from the pledge made up 2.82% of the total shareholding in EaseMyTrip.
Nishant Pitti, co-founder and promoter of travel booking company Easy Trip Planners Ltd (EaseMyTrip), has removed the pledge on 10 crore shares of his company, according to a filing with stock exchanges on June 4.
A pledge means the shares were temporarily promised to a lender—Motilal Oswal Financial Services—as security, usually against a loan or credit. This is also known as an encumbrance, which refers to any legal claim or hold on the shares that limits what the owner can do with them. By releasing the pledge, Pitti now has full control over those shares again.
Before this move, Pitti had 18.01 crore of his shares under the pledge. With this release, the number is now down to 8.01 crore shares—meaning less of his holding is tied up.
Pitti owns 45.37 crore shares in total—about 12.8% stake in the company. The shares released from the pledge made up 2.82% of the total shareholding in EaseMyTrip.
The other co-founders—Rikant Pittie and Prashant Pitti—reported no such pledges on their shares. Together, the three promoters hold around 49% of the company.
Earlier this year, Nishant Pitti announced that he had sold a "small portion" of the promoter shares held by him for "personal reasons", days after the company announced his resignation as CEO.
In a social media post, Nishant, who was replaced as CEO by his brother and co-founder Rikant Pittie earlier this year, reassured that the travel-tech platform was on a "strong growth path" and his move to sell a portion of the promoter shares did not reflect any lack of confidence in its future.
Nishant also assured that there will not be any further stake sale from his side.
"I recently sold a small portion of my promoter shares for personal reasons. I want to assure you this does not reflect any lack of confidence in EaseMyTrip's bright future. With a talented team and Rikant's visionary leadership, EaseMyTrip is on a strong growth path. To honour your trust, I have thoughtfully limited my share sale and confirm there will be no further sales from my side," Pitti said.
Edited by Kanishk Singh