EaseMyTrip gains ~6% amid India-Maldives row, incorporates subsidiary

9 Jan 2024 , 11:30 AM

Easy Trip Planners, which operates under the brand EaseMyTrip, witnessed more than 6% rise in its share price on January 8 after forming a subsidiary company called EaseMyTrip Insurance Broker Private Limited, with promoter Nishant Pitti as a director, despite the fact that the Delhi-based travel portal suspended all Maldives flight bookings on its website due to the ongoing diplomatic stalemate between India and the Maldives.

According to the company, this subsidiary will provide the company with a new income stream and allow it to expand its operations in the insurance broker and associated services space.

As of September 30, Pitti held a 28.67% stake in Easy Trip Planners, which operated under the moniker EaseMyTrip, while the promoter group controlled a 65.54% stake. EaseMyTrip Insurance Broker Private Ltd’s registered office is in the National Capital Delhi, and its primary goal is to do insurance brokerage business.

Easy Trip Planners stated that 60% of the share capital is paid in cash. The target entity’s authorized and subscribed capital was Rs 7.50 lakh, the firm stated.

At around 11.22 AM, Easy Trip Planners was trading 4.15% higher at Rs 45.15, against the previous close of Rs 43.35 on NSE. The counter touched an intraday high of Rs 45.50.

For feedback and suggestions, write to us at [e-mail]