Mumbai: IndiGo co-founder Rakesh Gangwal plans to promote as much as 12.75 million shares, or 3.3% of his stake in InterGlobe Aviation Ltd, by way of a block deal, based on a time period sheet reviewed by Mint.
The sale, estimated to be value ₹3,730 crore ($450 million), will see the supply ground value set at ₹2,925 per share, a 5.8% low cost to the final closing value of ₹3,105.7 apiece on the NSE.
Following this newest sale, Gangwal’s stake within the firm will lower to eight.42%. The promoter group’s holding may even lower.
Morgan Stanley, JP Morgan, and Goldman Sachs are managing the sale on behalf of the promoter.
IndiGo’s inventory has jumped 67.35% previously one 12 months, in contrast with a 23% acquire within the benchmark Sensex in the identical interval.
This newest stake sale follows related transactions by Gangwal previously. In September 2022, he and his household bought a 2.8% stake within the airline operator for ₹2,000 crore, and in February 2023, they bought a 4% stake for ₹2,900 crore.
On 16 August, Rakesh Gangwal’s spouse Shobha Gangwal, a part of the promoter group, bought her total close to 3% stake in InterGlobe Aviation Ltd for ₹2,801.8 crore by way of a bulk deal on the BSE.
The most recent block deal is a part of Gangwal’s plan to regularly cut back his stake in InterGlobe Aviation.
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Printed: 07 Mar 2024, 08:34 PM IST
Supply: Live Mint