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Business News/ Markets / Stock Markets/  EaseMyTrip share price jumps over 5% on proposed 5-star hotel in Ayodhya
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EaseMyTrip share price jumps over 5% on proposed 5-star hotel in Ayodhya

EaseMyTrip, as one of the joint venture partners, has committed to invest up to ₹100 crore in Jeewani Hospitality Private Limited, the entity super heading the project under incorporation.

Easy Trip Planners announced the in-principal approval of the board by proposing its newest joint venture: a luxurious 5-star hotel in the prime location of Ayodhya. Premium
Easy Trip Planners announced the in-principal approval of the board by proposing its newest joint venture: a luxurious 5-star hotel in the prime location of Ayodhya.

EaseMyTrip share price jumped over 5% in early trade on Monday after the company’s board in-principally approved the proposal to open a 5 star hotel in Ayodhya, strategically situated near the iconic Shree Ram Mandir. EaseMyTrip shares rallied as much as 5.56% to 53.67 apiece on the BSE.

Easy Trip Planners, the online travel tech platform, announced the in-principal approval of the board by proposing its newest joint venture: a luxurious 5-star hotel in the prime location of Ayodhya. 

The hotel’s prime location is less than 1 kilometer from the revered temple, the company said in a release.

EaseMyTrip, as one of the joint venture partners, has committed to invest up to 100 crore in Jeewani Hospitality Private Limited, the entity super heading the project under incorporation.

This investment will represent 50% of the total paid-up share capital of the JV Company on a fully diluted basis through equity swap, once finalized, EaseMyTrip said.

“With over 2.4 million visitors flocking to Ayodhya following the Pran Pratishtha of the Ram Temple, the city has emerged as a prime investment destination for businesses to offer hospitality options tailored to tourists and inviting guests to delve into a spiritually fulfilling journey while relishing in top-notch hospitality," said Nishant Pitti, CEO & Co-Founder, EaseMyTrip.

Religious tourism witnessed 1,439 million tourists in 2022 and the places of religious tourism earned 1.34 lakh crore in the same year. 

Also Read: EaseMyTrip Q3 results: Net profit rises by 9.5% to 45.7 crore; EBITDA grows to Rs65.4 crore

On Friday, the online travel services provider EaseMyTrip reported its Q3 results. The company posted a 9.5% rise in its net profit to 45.7 crore for the quarter ended December 2023 from 41.2 crore in the year-ago period. 

The company’s consolidated revenue in Q3FY24 increased by 18.1% YoY to 160.8 crore as against 136 crore, YoY. Its EBITDA increased to 65.3 crore during the quarter under review.

At 9:25 am, EaseMyTrip shares were trading 3.01% higher at 52.37 apiece on the BSE.

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Published: 12 Feb 2024, 09:22 AM IST
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