BAJAJ BROKING
Rakesh Gangwal is set to sell up to ₹10,300 crore worth of InterGlobe Aviation shares at ₹4,593 per share, with a 5.5% discount. The stake sale value was upsized from ₹6,750 crore to ₹10,300 crore. Investors keep an eye on the Indigo share price today.
Rakesh Gangwal, co-founder of InterGlobe Aviation (IndiGo), plans to sell a significant portion of his stake in the airline through block deals. This move is estimated to be worth up to ₹10,300 crore and will be priced at ₹4,593 per share, a 5.5% discount to the current InterGlobe Aviation share price.
The block deal value was raised from ₹6,750 crore to ₹10,300 crore, with Rakesh Gangwal now offering 2.25 crore shares for sale.
Rakesh Gangwal, one of the promoters and co-founders of IndiGo, is looking to divest up to ₹10,300 crore worth of his stake in InterGlobe Aviation, the parent company of IndiGo, the largest airline in India.
The shares will be sold through block deals at a price of ₹4,593 per share, which is about 5.5% below the prevailing market price. The sale is expected to be subject to a 150-day lock-in period for the next tranche, as reported by CNBC-TV18.
IndiGo, operating under InterGlobe Aviation, reported a 12% year-on-year (YoY) decline in net profit for the first quarter that ended on June 30, 2024. The net profit stood at ₹2,729 crore compared to ₹3,091 crore in the same period last year, as per the company’s regulatory filing.
Despite this drop, the company's revenue from operations saw a 17% rise, reaching ₹19,571 crore against ₹16,683 crore in the corresponding quarter of the previous fiscal year.
InterGlobe Aviation's share price on Wednesday closed at ₹4,863.10, up 2.45%. Over the past 12 months, the InterGlobe Aviation share price has delivered an impressive return of 95.67%, nearly doubling the investors’ money.
Rakesh Gangwal’s decision to sell a significant portion of his stake at a discount could impact the InterGlobe Aviation share price in the short term. However, with strong operational revenue growth and a healthy EBITDA, IndiGo remains a prominent player in India's aviation sector, balancing profitability with market expansion. The 150-day lock-in period for the next tranche sale indicates a measured approach to divesting his holdings.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Standard Deviation: Meaning, How To Use and Calculate
14 Dec, 2024 | 5 Min. read
Business Forecasting: Definition, Methods, and Models
14 Dec, 2024 | 8 Min. read
Modern Portfolio Theory (MPT): Definition, Types & How To Use
14 Dec, 2024 | 8 Min. read
ASM & GSM Meaning - List of ASM & GSM Stocks
14 Dec, 2024 | 7 Min. read
Bollinger Bands: Meaning, How To Interpret and Use
14 Dec, 2024 | 7 Min. read
Hedging: Meaning, Types, Risks and Strategie
14 Dec, 2024 | 6 Min. read
Nifty Healthcare Index
14 Dec, 2024 | 1 Min. read
What Is Nifty BeES? A Guide to Its Benefits and Working
14 Dec, 2024 | 6 Min. read
Moving Averages Indicator: Variations & Examples
13 Dec, 2024 | 4 Min. read
Learn Everything About Breakout Trading
13 Dec, 2024 | 8 Min. read
Gold Price in India | Gold Drops 1% After Reaching Five-Week High
13 Dec, 2024 | 39 Min. read
Statement of Account and Demat Account: Meaning & Differences
13 Dec, 2024 | 4 Min. read
RBI Launches ULI: Transforming Loan Access
August 27, 2024 | 4 Min. read
Textile Sector in India
September 20, 2024 | 5 Min. read
List of IPOs with DRHPs Filed
November 30, 2023 | 3 Min. read
Aditya Birla Group
September 28, 2023 | 10 Min. read
Bajaj Housing Finance Ltd IPO: Things Smart Investors Need to Know
September 05, 2024 | 4 Min. read
Budget Stock Ideas 2024-2025 | Stocks to Buy Today
July 24, 2024 | 4 Min. read
IPO Eligibility Criteria : Full Details
March 15, 2024 | 6 Min. read
What Is the Lock-In Period in IPOs?
October 18, 2023 | 6 Min. read
Godfrey Phillips Announces 2:1 Bonus Shares
September 16, 2024 | 7 Min. read
Jindal Group- A Comprehensive Analysis
September 27, 2024 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading