Avataar Holdings Sells 1.98% Stake in RateGain Travel for ₹160.69 Cr

Listen to our Podcast: Grow your wealth and keep it secure.

0:00 / 0:00

Synopsis:

Avataar Holdings sold a 1.98% stake in RateGain for ₹160.69 crore, offloading 21.56 lakh shares at ₹745 each. Major buyers include Axis Mutual Fund and ICICI Prudential. RateGain shares rose 3.28%, closing at ₹776.75.

RateGain Travel Technologies News Today

Avataar Holdings, a promoter of RateGain Travel Technologies Ltd., divested a 1.98% stake in the company, amounting to ₹160.69 crore, through an open market transaction on Thursday.

The block deal data on the NSE indicated that Avataar Holdings offloaded 21.56 lakh shares at ₹745 each. As of March, Avataar Holdings held 1.83% equity in the company.

Explore:Rategain Travel Techn Ltd Share Price

Major Buyers’ Details

The shares sold by Avataar Holdings found significant interest among institutional investors.

  • Axis Mutual Fund purchased 9.48 lakh shares (0.87%).
  • ICICI Prudential Mutual Fund acquired 6.04 lakh shares (0.55%).
  • Morgan Stanley Asia Singapore bought 2.68 lakh shares (0.24%).
  • Other notable buyers included Tata Mutual Fund and Societe Generale.

Market Reaction

Following the transaction, shares of RateGain Travel Technologies closed 3.28% higher at ₹776.75 apiece on the BSE. This rise was notable against a modest 0.18% increase in the benchmark Sensex.

Financial Performance

For the quarter ending in March, RateGain Travel reported a significant year-over-year increase in consolidated net profit by 112% to ₹145 crore. Revenue from operations grew by 40% YoY to ₹256 crore. At the operating level, EBITDA jumped 72% YoY to ₹55 crore, with an improved EBITDA margin of 21.5%, up from 17.5% a year earlier.

Stock Performance

Despite these strong quarterly results, RateGain's shares have only risen by 3% this year, underperforming the benchmark Nifty 50 index, which saw an 8% rise over the same period. Earlier in the year, on February 16, 2024, RateGain shares had hit a 52-week high of ₹921 per share.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

For All Disclaimers Click Here: https://bit.ly/3Tcsfuc

Share this article: 

Read More Blogs

Our Secure Trading Platforms

Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading

Bajaj Broking App Download

7.5 Lacs+ Users

icon-with-text

4.3+ App Rating

icon-with-text

4 Languages

icon-with-text

₹4300 Cr MTF Book

icon-with-text