According to Bloomberg, InterGlobe Aviation Ltd. stock opened substantially lower on Thursday after 11.2 million shares were traded on the NSE. InterGlobe Aviation Ltd. owns and operates IndiGo Airlines. The purchasers’ and sellers’ identities were unknown.
On the BSE, Indigo shares decreased 3.3% to Rs 1,919 per share.
According to CNBC TV18, around 2.9% of Indigo’s shares were exchanged in four bunches worth a combined Rs 2,692 crore at an average price of Rs 1,900 per share.
Rakesh Gangwal, a co-founder, and his family are seeking to sell a 2.8 percent stake in the company through a block agreement, Indigo stated in a release on Wednesday.
One of the investment banks overseeing the sale of the Gangwal family’s share in InterGlobe, Morgan Stanley, launched a block deal for the transaction.
According to a notification the investment bank sent to stock exchanges, up to 10.8 million shares belonging to the Gangwal family have been put for sale as part of the block deal for a price of Rs 19.96 billion.
Together, Gangwal, his wife Shobha, and their family trust control 36.6 percent of InterGlobe Aviation, the company that owns IndiGo and has a market value of over Rs 76,800 crore. It’s possible that their total shareholding is worth up to Rs 28,097 crore.
