Nishant Pitti, cofounder and promoter of online travel company Easy Trip Planners, has pledged shares worth nearly Rs 212 crore for personal use, according to a regulatory disclosure filed with the stock exchanges.
The latest transaction has resulted in nearly the entire shareholding of Pitti in the company being encumbered, highlighting the extent of promoter-level financing secured against his stake.
Pitti pledged 34.51 crore shares, representing 8.66 percent of Easy Trip Planners’ total share capital, on August 24. The shares were pledged in favour of Motilal Oswal Financial Services Ltd.
According to the disclosure, the purpose of the transaction is listed as “personal use by promoter”, with the borrowing not intended for the benefit of the listed company.
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Credits: Entrackr
Total Pledged Holding Rises to Nearly 99%
Following the latest transaction, Pitti’s total encumbered shareholding has risen to 44.87 crore shares, representing 11.26 percent of Easy Trip Planners’ total share capital.
The pledged shares and the amount involved in the latest transaction are valued at Rs 211.92 crore, with a 1:1 security cover.
Pitti currently holds 45.37 crore shares in Easy Trip Planners, equivalent to 11.39 percent of the company’s total share capital. This means that approximately 99 percent of his entire holding is now pledged.
Before the latest transaction, 10.36 crore of his shares were already encumbered. The additional pledge of 34.51 crore shares has therefore significantly increased the proportion of his stake being used as security for borrowing.
Pledge Does Not Mean Sale of Shares
The transaction is a pledge rather than a sale of shares. Pitti continues to own the pledged shares, while the shares serve as collateral for financing obtained from Motilal Oswal Financial Services.
A share pledge allows a promoter or shareholder to raise funds without immediately selling their stake in the company. However, the shares may be invoked by the lender if the borrower defaults or fails to meet the terms of the financing arrangement.
In such a situation, the lender could potentially sell the shares to recover the outstanding amount, creating additional selling pressure on the company’s stock.
The latest disclosure, however, does not indicate that any shares have been invoked or sold.
Promoter Shareholding Remains Split Among Three Cofounders
Nishant Pitti is one of the three key promoters and cofounders of Easy Trip Planners.
According to the disclosure, fellow promoters Rikant Pitti and Prashant Pitti held stakes of 23.02 percent and 9.15 percent, respectively.
The latest pledge relates specifically to Nishant Pitti’s shareholding and does not indicate any change in the ownership of shares held by the other promoters.
The transaction also does not represent a fresh dilution of Easy Trip Planners’ equity capital, since pledged shares remain part of the promoter’s existing ownership unless they are invoked and subsequently transferred or sold.
Credits: Inc42
Large Promoter Pledges Can Create Market Risks
A high proportion of pledged promoter shares can be closely watched by investors because of the potential risks associated with a sharp fall in the company’s stock price or a default on the underlying borrowing.
If the value of pledged shares declines significantly, the borrower may be required to provide additional collateral or meet other financing requirements. Failure to do so could result in the lender invoking the pledged shares.
With nearly 99 percent of Nishant Pitti’s stake now encumbered, the latest disclosure could draw investor attention to the extent of promoter-level financing linked to Easy Trip Planners shares.
For now, however, the transaction remains a financing arrangement secured against Pitti’s existing stake. There is no indication in the disclosure of a default, invocation or sale of the pledged shares.
