InterGlobe Aviation trades under pressure as promoter family pares another 4% stake

17 Feb 2023 , 10:14 AM

Shobha Gangwal, a member of InterGlobe Aviation Ltd’s promoter group, sold a 4% stake in the company on the open market on Thursday for approximately Rs2,944 crore.

Following this news, IndiGo’s stock was trading about 1% lower in Friday’s morning session.

Gangwal sold 1.56 crore shares at an average price of Rs1,887 per share, according to bulk deals data. The price was about 5% lower than Wednesday’s close price. The selling put pressure on the stock, which finished 4.5% lower at Rs1,897.25 on the National Stock Exchange on Thursday.

According to reports on Wednesday, the promoters sold 1.56 crore shares in a block deal at a floor price of Rs1,875 per share. The bulk deals data did not include the names of the likely buyers of the shares.

As of December 2022, promoter and promoter group entities owned approximately 72% of the company that owns IndiGo.

Rakesh Gangwal, the co-founder of India’s largest carrier, stated that after stepping down from the board in February 2022, he would gradually reduce his holdings in the company.

As of December 2022, Gangwal, his wife Shobha Gangwal, and their family trust, all members of the promoter group, owned 33.78% of the airline company.

At around 10.07 AM, IndiGo was trading 0.68% lower at Rs1,884.30 apiece, against its previous close of Rs1,897.25 on NSE.

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