Interglobe Aviation promoter sells 2% stake for Rs 3,367 crore

New Delhi: Interglobe Aviation’s promoter entity InterGlobe Enterprises on Tuesday pared a 2 per cent stake in the airline for Rs 3,367 crore through an open market transaction.

InterGlobe Aviation is the parent of no-frills carrier IndiGo, while InterGlobe Enterprises is the holding company of Rahul Bhatia’s

family.

According to the bulk deal data available with the BSE, Interglobe Enterprises Pvt Ltd sold 77.19 lakh equity shares, amounting to a 1.99 per cent stake in Interglobe Aviation, which operates the IndiGo brand airline.

The shares were offloaded at an average price of Rs 4,362.04 per piece, taking the transaction value to Rs 3,367.31 crore.

After the stake sale, the shareholding of Interglobe Enterprises in the company reduced to 35.76 per cent from 37.75 per cent.

Meanwhile, Citigroup Global Markets Mauritius acquired 31.23 lakh shares, representing a 0.81 per cent stake in InterGlobe

Aviation.

The shares were bought at an average price of Rs 4,361 apiece, taking the transaction value to Rs 1,362.16 crore.

Details of the other buyers could not be ascertained.

Shares of InterGlobe Aviation plunged 4.26 per cent to settle at Rs 4,368.20 apiece on the BSE.

Interglobe Enterprises has businesses across segments such as aviation (IndiGo), hospitality, logistics, airline management, travel commerce, advanced pilot training, and aircraft maintenance engineering.

In March, Rakesh Gangwal, the co-founder and promoter of the country’s largest airline IndiGo, sold a 5.83 per cent stake in the carrier for Rs 6,785 crore.

The stake sale was part of Gangwal’s decision to trim his shareholding, a decision announced in February 2022 after a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.

Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading IndiGo shares.

At the end of the March quarter, Bhatia and InterGlobe Enterprises owned a combined 37.76 per cent stake in the company, as per BSE data.

Further, Rakesh Gangwal had a 5.89 per cent stake while the Chinkerpoo Family Trust, whose trustees are Rakesh’s wife Shobha Gangwal and JP Morgan Trust Company of Delaware, owned 13.49 per cent shareholding in InterGlobe Aviation.