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

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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.

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

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