Online travel platform Easy Trip Planner promoter Rikant Patti has sold a 5.75% stake in the company through open market transactions.

The sale, which represents Rs100m ($1.2m) shares, was part of a block deal.

It has reduced the size of Patti’s shareholding in the company from 32.14% to 26.38%, the Economic Times reports.

The other two promoters of Easy Trip Planner, Nishant Pitti and Prashant Pitti, were not part of the deal. Both now own approximately 28.6% and 10.4% stakes in the corporation, respectively.

Public shareholders currently hold a 25.1% stake in the majority promoter-owned corporation.

Out of the public shareholders, mutual funds do not have a stake and foreign portfolio investors hold only a 2% stake in the company.

Confirming the latest deal, Prashant Pitti told CNBC-TV18 that the promoters of Easy Trip Planner do not have any plan to sell additional stake in the business.

Late last month, Nishant Pitti sold 62.5 million shares, which accounts for a 3.26% stake in Easy Trip Planner, for over Rs2.66bn ($32m).

Sold via a block deal, per share was sold at Rs42.6 ($0.52) to Wilson.

In addition, Easy Trip Planner has been growing its presence by purchasing majority stakes in two companies – Glegoo Innovations and cheQin – over the last six months.

This January, the corporation bought a 55% stake in Glegoo Innovations, an online travel and tours-related service provider based in Andhra Pradesh, India.

The deal follows an announcement made by the corporation regarding the introduction of its EaseMyTripaE franchise programme which aims to provide its clients with a retail store experience.

Earlier, the company bought a 55% majority stake in cheQin, a real-time marketplace for travellers to negotiate with hoteliers.

cheQin offers end-to-end travel solutions, including air tickets, hotel and holiday packages, rail and bus tickets and ancillary value-added services.