EaseMyTrip Cofounder Nishant Pitti Pledges Shares Worth ₹212 Cr To Motilal Oswal
EaseMyTrip cofounder and chairman Nishant Pitti has pledged 34.51 Cr shares of the online travel aggregator, worth ₹211.9 Cr, to…
Nishant Pitti, cofounder and chairman of online travel aggregator EaseMyTrip, has pledged 34.51 crore shares of the company worth ₹211.9 crore to Motilal Oswal Financial Services for personal use. The pledge, filed on August 24, accounts for 8.66% of the total share capital of EaseMyTrip. The shares were valued at ₹6.14 each during the transaction.
Both the value of the pledged shares and the amount involved are pegged at ₹211.9 crore, indicating a security cover ratio of 1:1. The 34.51 crore shares covered by the pledge represent about 76.1% of Pitti's 45.37 crore share holding in EaseMyTrip. Prior to this transaction, 10.36 crore shares of Pitti were already encumbered. After the pledge, his total encumbered holding stands at 44.87 crore shares, representing 11.26% of EaseMyTrip's total share capital.
The pledged shares account for 98.89% of Pitti's individual holding, leaving him with 50 lakh unencumbered shares. The pledged shares constitute 25.83% of the combined shareholding of EaseMyTrip's promoter group, which includes Pitti, Rikant Pittie, and Prashant Pitti.
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