Shares of InterGlobe Aviation, the parent company of IndiGo airlines, fell 1% to Rs 4,800 on the NSE on Thursday after a massive block deal involving 2.3 crore shares, representing a 6% equity stake, worth Rs 11,000 crore took place on the exchanges.
The block deal was executed at an average price of Rs 4,760 per share. While the buyers could not be immediately ascertained, reports suggest that Rakesh Gangwal, co-founder of IndiGo, was likely the seller in the transaction.
Gangwal, who held a 19.38% stake in the airline as of June 2024, has been gradually paring his holdings in the company over the past year. In August 2023, he sold a 4% stake for around Rs 2,944 crore, while his wife Shobha Gangwal completely exited the airline.
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Indigo