IndiGo promoter Bhatia family may sell 2% for $394 million
Bhatia Family selling 2% stake in IndiGo for ₹3,292.3 crore through a block deal. First stake sale post IPO. InterGlobe Enterprises selling shares. Lock-up period of 365 days post deal. IGE to invest in hospitality, launching Miiro hotels in Europe.
The Bhatia family, promoters of India's largest airline , is likely to to sell a 2% in the company on Tuesday for approximately ₹3,292.3 crore ($394 million) through a , as per a term sheet reviewed by ET. This is the first time the is selling their stake in post the IPO.The term sheet indicates that the seller is InterGlobe Enterprises Private Ltd, through which , one of the company's promoters, held a 37.91% stake in the company as of March 2024, according to BSE filings. Together, the Bhatia and hold a 57.29% stake in InterGlobe Aviation. Following the block deal, there will be a lock-up period of 365 days for the seller, according to the term sheet.
The sellers are offering 7.71 million shares for , at a price ranging from ₹4,266 to ₹4,562.55 per share, the closing price on Monday. is the banker for the deal.
Interglobe Enterprise (IGE) and IndiGo didn't respond to queries sent Monday evening. People aware of the development said that IGE will invest the money in hospitality business, primarily to increase presence in Europe.
In December last year, InterGlobe Enterprises announced the introduction of a new lifestyle hotel brand, Miiro, to launch a collection of individually designed hotels in European cities. The chain will make its debut this summer in Paris and Barcelona, with more European markets in plan.
Source: Stocks-Markets-Economic Times
