New Delhi: InterGlobe Aviation's promoter entity InterGlobe Enterprises on Tuesday sold 2 per cent stake in the airline for Rs 3,367 crore through an open market transaction.
InterGlobe Aviation is the parent of no-frills carrier IndiGo, while InterGlobe Enterprises is the holding company of Rahul Bhatia's family.
According to bulk deal data available with BSE, InterGlobe Enterprises Pvt Ltd sold 77.19 lakh equity shares, equivalent to 1.99 per cent stake in InterGlobe Aviation, which operates IndiGo brand airline.
The shares were sold at an average price of Rs 4,362.04 per piece, taking the value of the transaction to Rs 3,367.31 crore.
After the stake sale, InterGlobe Enterprises' stake in the company reduced from 37.75 percent to 35.76 percent.
Meanwhile, Citigroup Global Markets Mauritius acquired 31.23 lakh shares, representing 0.81 per cent stake in InterGlobe Aviation.The shares were bought at an average price of Rs 4,361, taking the value of the transaction to Rs 1,362.16 crore.
Details of other buyers could not be ascertained.
Shares of InterGlobe Aviation closed 4.26 per cent lower at Rs 4,368.20 on the BSE.
InterGlobe Enterprises has businesses in sectors such as aviation (IndiGo), hospitality, logistics, airline management, travel commerce, advanced pilot training and aircraft maintenance engineering.
In May this year, InterGlobe Aviation reported profit after tax more than doubling to Rs 1,894.8 crore in the three months ending March 2024.The airline had posted a profit after tax of Rs 919.2 crore in the same period a year ago.
Total income increased from Rs 14,600.1 crore to Rs 18,505.1 crore in the fourth quarter of the last financial year.
In March, Rakesh Gangwal, co-founder and promoter of the country's largest airline IndiGo, sold 5.83 per cent stake in the carrier for Rs 6,785 crore.
The stake sale was part of Gangwal's decision to reduce its shareholding, a decision announced in February 2022 following a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.
Gangwal and his wife Shobha Gangwal are selling IndiGo shares from February 2022.
Bhatia and InterGlobe Enterprises held a combined 37.76 per cent stake in the company at the end of the March quarter, according to BSE data.Besides, Rakesh Gangwal held 5.89 per cent stake, while Chinkarpu Family Trust, whose trustees are Rakesh's wife Shobha Gangwal and Delaware-based JPMorgan Trust Company, held 13.49 per cent stake in InterGlobe Aviation.
InterGlobe Aviation is the parent of no-frills carrier IndiGo, while InterGlobe Enterprises is the holding company of Rahul Bhatia's family.
According to bulk deal data available with BSE, InterGlobe Enterprises Pvt Ltd sold 77.19 lakh equity shares, equivalent to 1.99 per cent stake in InterGlobe Aviation, which operates IndiGo brand airline.
The shares were sold at an average price of Rs 4,362.04 per piece, taking the value of the transaction to Rs 3,367.31 crore.
After the stake sale, InterGlobe Enterprises' stake in the company reduced from 37.75 percent to 35.76 percent.
Meanwhile, Citigroup Global Markets Mauritius acquired 31.23 lakh shares, representing 0.81 per cent stake in InterGlobe Aviation.The shares were bought at an average price of Rs 4,361, taking the value of the transaction to Rs 1,362.16 crore.
Details of other buyers could not be ascertained.
Shares of InterGlobe Aviation closed 4.26 per cent lower at Rs 4,368.20 on the BSE.
InterGlobe Enterprises has businesses in sectors such as aviation (IndiGo), hospitality, logistics, airline management, travel commerce, advanced pilot training and aircraft maintenance engineering.
In May this year, InterGlobe Aviation reported profit after tax more than doubling to Rs 1,894.8 crore in the three months ending March 2024.The airline had posted a profit after tax of Rs 919.2 crore in the same period a year ago.
Total income increased from Rs 14,600.1 crore to Rs 18,505.1 crore in the fourth quarter of the last financial year.
In March, Rakesh Gangwal, co-founder and promoter of the country's largest airline IndiGo, sold 5.83 per cent stake in the carrier for Rs 6,785 crore.
The stake sale was part of Gangwal's decision to reduce its shareholding, a decision announced in February 2022 following a bitter feud with co-founder Rahul Bhatia over alleged corporate governance issues.
Gangwal and his wife Shobha Gangwal are selling IndiGo shares from February 2022.
Bhatia and InterGlobe Enterprises held a combined 37.76 per cent stake in the company at the end of the March quarter, according to BSE data.Besides, Rakesh Gangwal held 5.89 per cent stake, while Chinkarpu Family Trust, whose trustees are Rakesh's wife Shobha Gangwal and Delaware-based JPMorgan Trust Company, held 13.49 per cent stake in InterGlobe Aviation.
