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Rakesh Gangwal to Sell ₹10,300 Crore Stake in IndiGo via Block Deal

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Synopsis:

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.

Interglobe Aviation (Indigo) News 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.

Details of the Block Deal

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.

INTERGLOBE AVIATION LTD

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4432.9-31.45 (-0.70 %)

Updated - 13 December 2024
4459.90day high
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4380.00day low
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401395
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InterGlobe Aviation's Q1 Financial Performance

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 Share Price Performance

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.

Key Takeaways

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.

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