IndiGo shares drop over 4% after stake sale by Gangwal family
IndiGo share price fell more than 4% in early trade on Thursday after a block deal in the equity shares of the company took place on exchanges. IndiGo shares declined as much as 4.84% to ₹2,425.00 apiece on the BSE.
According to deal terms seen by Mint, IndiGo co-founder Rakesh Gangwal and his family were to sell around 4% stake in InterGlobe Aviation Ltd for up to $450 million ( ₹3,370 crore).
The deal was said to happen at a floor price of ₹2,400 each, a 5.8% discount to Monday’s close of ₹2,549.
Rakesh and Shobha Gangwal are listed as sellers. Investment banks Morgan Stanley, Goldman Sachs and JP Morgan are assisting with the block sale.
Read here: Gangwal to sell around 4% of IndiGo for ₹3,370 cr
The block deal is part of Gangwal’s plans to cut his stake in InterGlobe Aviation, the operator of India’s largest airline IndiGo.
Earlier in September 2022, Gangwal and family had sold 2.8% in the airline for ₹2,000 crore, and in February this year, they sold a 4% stake for ₹2,900 crore.
Gangwal holds more than 29.72% stake in the company, and had stepped down from the InterGlobe board in February 2022.
Also Read: Why Infosys share price is rising today — explained
Rahul Bhatia, the other co-founder of IndiGo, and his family own more than 38.05% stake, according to exchange filings.
At 10:30 am, IndiGo share price was trading 3.47% lower at ₹2460.00 apiece on the BSE.
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Updated: 16 Aug 2023, 10:31 AM IST
