IndiGo promoters sell around 2% in airline
InterGlobe Enterprises, the promoter group of IndiGo, sold a 2% stake in the airline for over ₹3,367 crore to fund its ventures. The stake sale will be used for hospitality and corporate purposes.
, the group of which operates , on Tuesday sold a nearly 2% stake in India's largest for a little more than ₹3,367 crore to raise funds for its and other ventures.The stake was offloaded through open market transactions, InterGlobe Enterprises said in a statement. Post the deal, Rahul Bhatia-owned InterGlobe Enterprises will remain IndiGo's largest shareholder with about a 35.7% stake.
Proceeds of the will be utilised for scaling up hospitality and other businesses it is incubating, as well as for general corporate purposes, according to the company.
InterGlobe did not name the buyers and the price at which the stake was sold.
IndiGo carries six out of 10 domestic passengers. Bhatia will continue his role as the company's promoter and managing director.
Bhatia said the strong response from both existing and new investors to the stake sale underscores the competitive strength and long-term prospects of IndiGo.
"IndiGo is a standout success, and I am immensely proud of our company's journey so far and remain very excited to continue to oversee IndiGo's next phase of growth. I believe there is a long runway for growth as India continues to remain the fastest-growing globally and we have the right strategy and management team in place to capture this opportunity," he said.
On Tuesday, the IndiGo stock closed 4.26% lower at ₹4,368.20 apiece.
Source: Stocks-Markets-Economic Times
