Last Updated: March 11, 2024, 13:33 IST
IndiGo Stake Sale: Rakesh Gangwal, co-founding father of IndiGo, India’s largest airline, is believed offered round 2.6 crore shares or 6.7 per cent fairness in a block deal price over Rs 7,000 crore of the airline in a big block deal on Monday.
The official patrons and sellers within the transaction should not recognized but.
Earlier CNBC-TV18 had reported that Rakesh Gangwal, the promoter of InterGlobe Aviation, the mum or dad firm of IndiGo Airlines, was to promote up 5.8 per cent stake within the airline.
The measurement of the stake sale had been raised from 3.3 per cent to five.8 per cent and the whole measurement of the block offers was prone to be Rs 6,581 crore, sources instructed CNBC TV18. The ground value was set at Rs 2,925 per share, with a 5.8 per cent low cost to CMP, the sources mentioned.
As of December 2023, Gangwal held 25.2 per cent stake in InterGlobe Aviation. The sources mentioned that after the stake sale, his holding would scale back to 19.4 per cent. There could be a 150-day lock-in interval for additional stake sale within the aviation firm.
Gangwal had relinquished his place on Interglobe Aviation’s board in February 2022 and had unveiled plans to step by step scale back his household’s stake.
Previously, in February, the Gangwal household had divested a 4 per cent stake in Interglobe Aviation for Rs 2,900 crore. Subsequently, in September, they offered a 2.8 p.c stake valued at Rs 2,000 crore.
The most up-to-date block deal occurred in August 2023, marking the biggest one but, with the Gangwals offloading shares price $450 million.
While the inventory fell initially, it traded round 2 per cent larger at Rs 3,156 on BSE within the late morning session.
