RateGain Travel shares jump over 8% after ₹161 crore block deal

According to data available on exchanges, around 21.6 lakh shares of RateGain Travel changed hands at ₹745 per share via open market transactions, for a total deal size of ₹161 crore.

The information about buyers and sellers in the deal was not immediately available on exchanges. However, media reports said that venture capital fund Avataar Holdings likely sold a 1.8% stake in RateGain Travel through the block deal.

According to reports, the floor price for the deal was set at ₹744.7 per share, which translated into a discount of 1% compared to RateGain Travel’s previous close of ₹752.15. IIFL Finance was reportedly the broker in this block deal.

On Thursday, RateGain Travel shares jumped as much as 8.3% to hit an intra-day high of ₹814.4 apiece on the NSE. The stock is up 12% year-to-date and has gained over 94% in the past one year.

RateGain Travel Technologies is a leading travel-tech company providing business intelligence, distribution and social media management products to hospitality clients globally. It works with over 500 top hotel brands including Marriott, Wyndham, and Hyatt and with more than 700 distribution partners and online travel aggregators across the globe.

During the March quarter, the company recorded a 112% increase in its consolidated net profit to ₹145 crore compared with the year-ago period. Consolidated revenue from operations had increased 40% to ₹256 crore during the quarter compared with a year ago.

Shares of RateGain Travel Technologies were trading 5% higher at ₹789 apiece on the NSE at 12:15 pm.