As many as 2.6 crore shares or 6.7% equity of InterGlobe Aviation worth Rs ₹7,825 crore changed hands in block deals on Monday, March 11.
The official buyers and sellers in the transaction are not known yet.
Earlier sources had told CNBC-TV18 that Rakesh Gangwal, the promoter of InterGlobe Aviation, the parent company of IndiGo Airlines, was to sell up 5.8% stake in the airline.
The size of the stake sale had been raised from 3.3% to 5.8% and the total size of the block deals was likely to be Rs 6,581 crore, sources had said. The floor price was set at ₹2,925 per share, with a 5.8% discount to CMP, the sources said.
As of December 2023, Gangwal held 25.2% stake in InterGlobe Aviation. The sources said that after the stake sale, his holding would reduce to 19.4%. There would be a 150-day lock-in period for further stake sale in the aviation company.
Gangwal had relinquished his position on Interglobe Aviation’s board in February 2022 and had unveiled plans to gradually reduce his family’s stake.
Previously, in February, the Gangwal family had divested a 4% stake in Interglobe Aviation for ₹2,900 crore. Subsequently, in September, they sold a 2.8 percent stake valued at ₹2,000 crore.
The most recent block deal occurred in August 2023, marking the largest one yet, with the Gangwals offloading shares worth $450 million.
Shares of InterGlobe Aviation were 0.33% lower at ₹3,092.6 apiece at 9.20 am on March 11.
First Published: Mar 11, 2024 9:21 AM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Over 50 onion farmers detained in Nashik ahead of PM Modi's visit
May 16, 2024 11:14 AM
Why Google CEO is cautiously optimistic about the election year
May 16, 2024 9:51 AM
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM