InterGlobe Enterprises likely to sell 2% stake in IndiGo via block deal: Report
The stake sale is valued at approximately $394 million, with the promoter set to offload 77 lakh shares at ₹4,266 each. This transaction will be executed at a 6% discount to IndiGo's last closing price.
, one of the promoters of , is planning to sell around 2% stake in the company through a block deal, according to reports.The stake sale value is said to be around $394 million, where the promoter will offload 77 lakh shares at Rs 4,266 apiece.
The transaction will be done at 6% discount to the last closing price of IndiGo's shares.
IndiGo is majority owned by promoters with 57.29% stake, under which Rahul Bhatia and co-founder Rakesh Gangwal also have a holding. InterGlobe Enterprises, which is planning the latest stake sale, is a Rahul Bhatia- promoted entity.
Rakesh Gangwal, the co-founder of India's largest carrier, had been gradually paring his stake ever since he stepped down from the board in 2022.
Earlier this year in March, Gangwal offloaded 5.8% stake in the budget carrier, reducing his holding to just about 5.8% at the end of March 2024 quarter.
The public shareholders own the rest of IndiGo at 42.7%. Within this, domestic fund houses own stake worth 12.38% and foreign portfolio investors hold around 23.66%.
More to come...
Source: Stocks-Markets-Economic Times
