Rakesh Gangwal, co-founder of IndiGo Airways, has offered a good portion of his stake within the airline’s mother or father firm InterGlobe Aviation by way of a block deal. Gangwal and the Chinkerpoo Household Belief offered 22.5 million shares at Rs 4,714.90 every, amounting to just about $1.3 billion or Rs 9,549 crore.
The sale represents roughly 30% of Gangwal’s complete stake in IndiGo.Previous to the transaction, Gangwal immediately owned 5.89% of the corporate, whereas the Chinkerpoo Household Belief held 13.49%.
The share sale comes after IndiGo’s inventory reached a file excessive of Rs 4,859.85 on Wednesday, having surged 92% over the previous yr. The block deal was priced at a premium to the ground value of Rs 4,593 per share, which was a 5.5% low cost from the market value, stated a Bloomberg report.
Gangwal had introduced plans to progressively cut back his holdings after resigning from IndiGo’s board in February 2022. His spouse, Shobha Gangwal, had already exited the airline utterly in August 2023.
The sale marks the third-largest block fairness transaction in India this yr, after offers involving ITC Ltd. and Indus Towers Ltd.
IndiGo, India’s largest home provider, has a market share of 62% as of July 2024, whereas closest rival Air India Ltd. holds 14%.
The sale represents roughly 30% of Gangwal’s complete stake in IndiGo.Previous to the transaction, Gangwal immediately owned 5.89% of the corporate, whereas the Chinkerpoo Household Belief held 13.49%.
The share sale comes after IndiGo’s inventory reached a file excessive of Rs 4,859.85 on Wednesday, having surged 92% over the previous yr. The block deal was priced at a premium to the ground value of Rs 4,593 per share, which was a 5.5% low cost from the market value, stated a Bloomberg report.
Gangwal had introduced plans to progressively cut back his holdings after resigning from IndiGo’s board in February 2022. His spouse, Shobha Gangwal, had already exited the airline utterly in August 2023.
The sale marks the third-largest block fairness transaction in India this yr, after offers involving ITC Ltd. and Indus Towers Ltd.
IndiGo, India’s largest home provider, has a market share of 62% as of July 2024, whereas closest rival Air India Ltd. holds 14%.
