Promoters of IndiGo may sell stake worth $ 350 million in a block deal today

16 Feb 2023 , 07:47 AM

According to reports, InterGlobe Aviation Ltd. promoters want to sell $350 million worth of shares through a block offer on Thursday.

According to reports, 1.56 crore shares have been placed on the market by the promoters, with a floor price of Rs1,875 per share. This represents a 5.6% savings off the going rate. On the National Stock Exchange, the company’s shares ended the day on Wednesday at Rs1,986,05, down 2.5%.

The transaction’s broker is Goldman Sachs.

The promoter and promoter group companies owned around 72% of the business that owns IndiGo Airlines as of December 2022.

Who among the promoters was selling shares couldn’t be determined. The Gangwal family, though, might be the seller.

The co-founder of India’s largest carrier, Rakesh Gangwal, has previously stated that after leaving the board in February 2022, he would gradually divest his stakes in the business.

Gangwal and his wife, Shobha Gangwal, sold a 2.74% share in the business on the open market in September 2022.

As of December 2022, the promoter group, which includes Gangwal, his wife Shobha Gangwal, and their family trust, owned 33.78% of the airline firm.

Shares of the airline have increased by 7% since the sale in September.

The airline industry is expected to grow, and the company’s performance is improving, therefore there may be significant interest in the stock.

InterGlobe recorded a total net profit of Rs1,418 crore during the December quarter, as opposed to a loss of Rs1,585 crore in the September quarter. To reach Rs14,933 crore, total revenue rose sharply by 61% year over year and more than 19% sequentially.

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