Indigo Share Price Today: Promoter to sell over 3% equity via block deal worth Rs 3,700 crore

Rakesh Gangwal, a co-founder of India’s largest carrier, had previously indicated his intention to gradually reduce his holdings in the company following his departure from the board in February 2022.

Share price of Indigo or InterGlobe Aviation will be in focus today as promoter, Rakesh Gangwal, along with associated entities, is set to divest a 3.3% stake in the company through block deals, according to recent reports. The anticipated sale is expected to involve approximately 1.28 crore shares, valued at over Rs 3,700 crore.

The floor price for the stake sale has been fixed at Rs 2,925 per share, representing a 6% discount to the current market price. InterGlobe Aviation shares closed 1% higher at Rs 3,100 on Thursday on the National Stock Exchange.

Global investment banks JPMorgan Chase and Morgan Stanley have reportedly been appointed as brokers for the deal.

Rakesh Gangwal, a co-founder of India’s largest carrier, had previously indicated his intention to gradually reduce his holdings in the company following his departure from the board in February 2022. Notably, Shobha Gangwal, wife of Rakesh Gangwal, has completely divested her stake in the airline.

The Gangwal family, including Rakesh Gangwal and their family trust, held close to 34% stake in InterGlobe Aviation in December 2022. This planned stake sale aligns with Rakesh Gangwal’s previously stated strategy of reducing his ownership in the company.