- By Aditya Pratap Singh
- Thu, 29 Aug 2024 10:47 AM (IST)
- Source:JND
As much as a 6 percent stake in the parent company of IndiGo, InterGlobe Aviation, was sold in a block deal on August 29. As per media reports the stake was sold by promoter and co-founder Rakesh Gangwal, who has the intention to exit the company completely. The deal is worth Rs 11,000 crore, and it involved the sale of about 23 million shares of the airline operator at a floor price of Rs 4,760.
Shares of IndiGo's parent company InterGlobe Aviation fell by nearly 3 percent during early trading on Thursday. The shares of InterGlobe Aviation Ltd fell by nearly 2.97 percent to Rs 4,714.90 on Thursday, with a total market capitalization of close to Rs 1.8 lakh crore.
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Meanwhile, according to a CNBC-TV18 report, the stake sale will also trigger a 150-day lock-in period before Gangwal executes another tranche of the sale.
As of June 30, 2024, the Gangwal-backed promoter group held a 19.38 percent stake in Interglobe Aviation, while Rakesh Gangwal personally held a 5.89 percent stake in the company as of the specified date. The stake sale will also trigger a 150-day lock-in period before Gangwal executes another tranche of the sale.
The Gangwal-backed promoter group's stake has significantly reduced from 36.7 percent in 2019 to 19.38 percent by June 2024 as trustees, and Rakesh Gangwal's 5.89 percent personal stake.
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