Shares of InterGlobe Aviation, the parent company of IndiGo, dropped nearly 3 per cent on Thursday during the trading session in the wake of the heavy trading volumes amid the reported block deal by the co-founder and promoter entities Rakesh Gangwal and Chinkerpoo Family Trust.
Nearly 6 per cent stake in IndiGo-parent was sold in a block deal in Thursday's session with Rakesh Gangwal likely seeking a near complete exit. Over 2.35 crore shares of the airline operator changed hands at a floor price of Rs 4,760 apiece, valuing the deal at more than Rs 11,100 crore as per BSE data. However, the official sellers of the transaction have not yet been disclosed.
Previous reports claimed that Rakesh Gangwal was planning to sell a stake valued at Rs 6,750 crore; however, this amount was increased to Rs 11,000 crore.
Notably, Gangwal had earlier clarified his intention to gradually reduce his holdings after stepping down from the board in February 2022. For the last quarter ended June 2024, Rakesh Gangwal held nearly 6 per cent of the company’s equity, while his family trust, The Chinkerpoo Family Trust, held a 13.49 per cent stake.
The Gangwal-backed group has held a 19.38 per cent stake in InterGlobe Aviation as of June 30, 2024, while Rakesh Gangwal personally owned 5.89 per cent of the company as of the given date. This stake sale may trigger a 150-day lock-in period before Gangwal can execute another tranche of the sale.
Rakesh Gangwal for the past two years has tapped investors through a block sale of IndiGo shares more than five times and in the last year, IndiGo shares have surged about 95 per cent.
