Rategain Travel shares worth Rs 161 crore change hands in block deal; Avaatar Holdings likely seller

So far this year, Rategain Travel shares rose modestly by 3 percent

Shares of Rategain Travel Technologies surged 3 percent to Rs 774 per share after it saw around 21.6 lakh shares worth Rs 161 crore change hands at Rs 745 per share in block deal window on June 20.

Though Moneycontrol couldn't ascertain buyers or sellers immediately, but sources cited by CNBC-Awaaz indicated Avaatar Holdings was likely to offload 1.8 percent stake in the company through this block deal.

Reports suggested that the floor price was set at Rs 744.7 per share, which offered a discount of only 1 percent compared to current market price. IIFL Finance is the broker to this block deal.

So far this year, Rategain Travel shares rose by a paltry 3 percent, underperforming benchmark Nifty 50 index that jumped by 8 percent during the same period. Earlier, Rategain Travel had hit 52-week high of Rs 921 per share on February 16, 2024.

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In the March-ended quarter, Rategain Travel reported 112 percent YoY increase in consolidated net profit to Rs 145 crore, while revenue from operations jumped 40 percent YoY to Rs 256 crore.

At the operating level, the company's EBITDA jumped 72 percent YoY to Rs 55 crore in Q4FY24 compared to Rs 32 crore in the year-ago period. EBITDA margin, too, improved to 21.5 percent in Q4FY24 from 17.5 percent a year back.

All six analysts tracking the company maintain a 'buy' rating on Rategain Travel, showed data from Bloomberg. The average 12-months analysts' target price implied an upside of over 19 percent.

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