The board of directors of Easy Trip Planners on December 1 approved the acquisition of 75 percent stake in Nutana Aviation Capital.
"... the Company is entering into a definitive agreement subject to
closing conditions to acquire the 75% stake in Nutana Aviation Capital IFSC Private Limited," the online travel portal said in a stock exchange filing.
“In a growing charter market across the globe, Nutana Aviation will be carrying business for renting and booking of charter aircrafts,” it added.
Founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti, Easy Trip Planners is headquartered in New Delhi. The company provides hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.
Nutana Aviation Capital is an aviation asset financing and leasing company based at GIFT city.
Easy Trip Planners is looking to step up acquisitions to bolster its non-air travel business as a pickup in demand sets it on course for a strong third quarter, one of the co-founders told Reuters.
At 1:00pm shares of the company were trading at Rs 67.65 apiece on the BSE, up 7.38 percent, while the benchmark Sensex was at 63,397.76, up 298.11 points or 0.47 percent.
Shares of Easy Trip Planners have jumped over five-fold since listing in March last year. Last month, the company split its stock and issued bonus shares.
The company reported a record Q2FY23 Gross Booking Revenue (GBR) of Rs 1,977.7 crore, the highest ever in any quarter, as per a PTI report. Revenue from operations came in at Rs 108.5 crore in Vs Rs 56.65 crore (YoY), representing gain of 91.52 percent.
The company reported a net income of Rs 112.07 crore in the given quarter as against Rs 59.78 crore - an increase of 87.5 percent year-over-year. It had also announced to issue bonus shares in the ratio of 3:1. It means that the company will give 3 bonus shares or additional shares for every 1 share held on the record date.
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