After Rakesh Gangwal and his family offloaded 5.7 per cent stake in IndiGo earlier this year, promoter entity Interglobe Enterprises is now likely to sell approximately 4 per cent of its stake in IndiGo through a block deal, stated a CNBC TV18 report citing sources. Interglobe Enterprises currently holds 35.70 per cent stake in the airlines company.
The promoter group is looking at raising approximately $1 billion via share sale, the report maintained.
This move follows a similar offloading by co-promoter Rakesh Gangwal, who has been offloading stakes in the airlines since 2022. In August 2024, Rakesh Gangwal’s family trust had sold a 5.24 per cent stake in the airline for Rs 9,549 crore. Before that, it had sold shares in March. This move is part of Rakesh Gangwal’s earlier decision, announced in February 2022, to gradually reduce his stake following a fallout with co-founder Rahul Bhatia over concerns related to corporate governance.
In the most recent development in May, Rakesh Gangwal and his family trust sold a 5.7 per cent stake in the airline for about Rs 11,559 crore ($1.36 billion) through a block deal. Following the latest stake sales, he now holds just 7.8 per cent in IndiGo.
When CNBC-TV18 approached the airlines for comments on the reported translation, IndiGo declined to respond, stating, “We won’t comment on the query.”
Shares of InterGlobe Aviation were down 4.72 per cent at 12:40 pm today at a trading price of Rs 5,224.65.