EaseMyTrip surges as online travel firm gives nod for bonus shares, stock split | Details

EaseMyTrip shares surged on Monday, October 10 after the company announced that its board has approved a stock split and gave its nod to the bonus issue of three shares for every one share held.

The board also cleared proposal to increase authorized share capital from Rs 75 crore to Rs 200 crore. It also cleared a proposal to split each existing equity share of face value of Rs. 2 into 2 equity shares of face value of Rs. 1 fully paid-up. 

EaseMyTrip is an Indian online travel company, founded in 2008 by Nishant Pitti, Rikant Pitti, and Prashant Pitti. It is headquartered in New Delhi. The company provides hotel bookings, air tickets, holiday packages, bus bookings, and white-label services.

The company has given rationale behind the split and issue of bonus shares. The Company and its subsidiaries have grown significantly, in terms of business and performance, over the years. EaseMyTrip Planners said, "This is reflected in the share price of the Company. As and when the stock price rises further, it will be increasingly difficult for small potential shareholders to partake in the company's future."

"Keeping with the spirit of inclusion and in order to reward the shareholders. the Board of Directors at its meeting held today, approved and recommended the said corporate actions," it added further. 

At 12 p.m., the stock quoted a price of Rs 409 apiece on the NSE after gaining 1.64 per cent. The counter has delivered a whopping 52 per cent return. EaseMyTrip had made debut on the bourses on March 19, 2021, yielding a moderate listing gain of 14%

Ease My Trip share prices surged nearly 6 per cent to Rs 428 on Monday after opening at Rs 404 at the intraday trading. The share prices closed at Rs 406.95 apiece on NSE after gaining a little over 1%.