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Rakesh Gangwal is set to sell up to ₹10,300 crore worth of InterGlobe Aviation shares at ₹4,593 per share, with a 5.5% discount. The stake sale value was upsized from ₹6,750 crore to ₹10,300 crore. Investors keep an eye on the Indigo share price today.
Rakesh Gangwal, co-founder of InterGlobe Aviation (IndiGo), plans to sell a significant portion of his stake in the airline through block deals. This move is estimated to be worth up to ₹10,300 crore and will be priced at ₹4,593 per share, a 5.5% discount to the current InterGlobe Aviation share price.
The block deal value was raised from ₹6,750 crore to ₹10,300 crore, with Rakesh Gangwal now offering 2.25 crore shares for sale.
Rakesh Gangwal, one of the promoters and co-founders of IndiGo, is looking to divest up to ₹10,300 crore worth of his stake in InterGlobe Aviation, the parent company of IndiGo, the largest airline in India.
The shares will be sold through block deals at a price of ₹4,593 per share, which is about 5.5% below the prevailing market price. The sale is expected to be subject to a 150-day lock-in period for the next tranche, as reported by CNBC-TV18.
IndiGo, operating under InterGlobe Aviation, reported a 12% year-on-year (YoY) decline in net profit for the first quarter that ended on June 30, 2024. The net profit stood at ₹2,729 crore compared to ₹3,091 crore in the same period last year, as per the company’s regulatory filing.
Despite this drop, the company's revenue from operations saw a 17% rise, reaching ₹19,571 crore against ₹16,683 crore in the corresponding quarter of the previous fiscal year.
InterGlobe Aviation's share price on Wednesday closed at ₹4,863.10, up 2.45%. Over the past 12 months, the InterGlobe Aviation share price has delivered an impressive return of 95.67%, nearly doubling the investors’ money.
Rakesh Gangwal’s decision to sell a significant portion of his stake at a discount could impact the InterGlobe Aviation share price in the short term. However, with strong operational revenue growth and a healthy EBITDA, IndiGo remains a prominent player in India's aviation sector, balancing profitability with market expansion. The 150-day lock-in period for the next tranche sale indicates a measured approach to divesting his holdings.
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