As InterGlobe Aviation, that operates Indigo Airlines, filed its draft prospectus with Sebi on Monday, Rahul Bhatia, founder promoter of the company is looking to offload 98.7 per cent of his individual holding in the company that amounts to 30.06 lakh shares.
However, that is not all that Bhatia holds in the company. According to the draft prospectus filed with Sebi, while shares held in his individual name amounted to 30.46 lakh and accounted for only 0.89 per cent stake in the company, Bhatia along with his family holds an additional 45.66 per cent stake in the company through Interglobe Enterprises.
Planning to raise around Rs 2,500 crore from the public, the company said on Monday that InterGlobe Aviation’s public offering would include fresh equity of up to Rs 1,272 crore ($199.64 million) along with the offer for sale of 3.01 crore shares. This means that Bhatia’s individual stake sale of over 30 lakh shares would fetch him close to Rs 120 crore.
In the proposed offer for sale, InterGlobe enterprises will also sell 2 per cent of its holding or 32.9 lakh shares in the company. The IPO seems to be an opportunity where promoters are looking to liquidate some of their holding as shares sold by the promoter and promoter group will account for two-thirds of the total shares on offer for sale. The remaining belong to other investors.
The financial statement in the prospectus show that a decline in global crude oil prices has resulted in a healthy growth in profits in the first nine months of the financial year 2014-15. While the profit before tax for the company amounted to Rs 471.8 crore in FY14, it had more than doubled to Rs 960.6 crore in the first nine months of FY15.