Operator of IndiaтАЩs largest airline firm InterGlobe Aviation saw a huge block deal in which 1.7 crore shares changed hands today. The deal, which was worth Rs 3,221 crore, involved sale of a 4.4 percent stake in the airline company. According to reports, Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, has sold a part of her stake in InterGlobe Aviation.┬а
The offer floor price at which the IndiGo stock changed hands was Rs 1875 per share. Goldman Sachs was appointed as the broker for the deal.┬а
At the end of December 2022 quarter, IndiGo’s promoter and promoter group owned 71.92 percent stake in the company, which will now fall to 67.52 percent.┬а
For the quarter ended December 2022, Rakesh Gangwal and his wife Shobha Gangwal owned 13.24% ( 5.10 crore shares) and 7.04% (2.71 crore shares), respectively. After the deal, Shobha Gangwal’s individual stake will fall to 2.64 percent from 7.04 percent. ┬а
This is for the second time the Gangwal family is selling stake in InterGlobe Aviation Ltd, which operates IndiGo. ┬аIn September 2022, they sold a 2.8% stake in the airline for approximately $250 million.┬а
In February 2022, Rakesh Gangwal had stepped down from the company’s board and had informed that he would sell his holdings in the airline over about five years.┬а
Subsequently, shares of InterGlobe Aviation fell 5.1% to Rs 1885 on BSE. The stock opened 3.23% lower at Rs 1922 against the previous close of Rs 1986.20 today. ┬а┬а
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