The board of travel IT business Easemytrip is considering issuing new bonus shares, just weeks after cofounder and CEO Nishant Pitti sold off a sizable portion of the company.
EaseMyTrip announced in an exchange filing on October 9 that its board of directors will convene on Monday, October 14, to deliberate and authorize the issuance of bonus shares.
To put it simply, bonus shares are given out by a corporation at no cost to shareholders based on the current number of shares they own.
The news is significant because the startup’s stock has been declining over the past few weeks. Amidst the wider market, the stock fell to a new 52-week low of INR 31.10 on October 7 during intraday trading.
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