The block deal data released by BSE confirms CNBC-TV18's newsbreak. As per the disclosure, this latest sale was executed at an average price of ₹3,015.52 per share, surpassing the floor price of ₹2,925 by 3%. The transaction, valued at ₹6,785 crore, was facilitated through a series of block deals
Of a total of 2.25 crore shares sold by Rakesh Gangwal, 21 lakh shares have been bought by Morgan Stanley Asia (Singapore) PTE. However, details regarding the purchasers of the remaining shares remain undisclosed.
Initially, the plan for this tranche was to sell a 3.3% stake, but this figure was eventually elevated to 5.8%. Following this stake sale, Gangwal’s holding in this airline company will reduce to 19.2% from the 25% that he held as of December 2023.
This move is part of a broader strategy by Gangwal, who has been reducing his stake in the company through a series of sales that began in September 2022. To date, he has sold approximately 18% of his stake across four transactions, each at higher prices
Gangwal's journey of divestment started with a 2.7% stake sale at ₹1,850 per share and was followed by subsequent sales at increasingly higher prices. In February 2023, he pared 3.7% at ₹1,887 per share and in August 2023, sold a 5.8% stake at a price of ₹2,400 per share.
This series of stake sales follows Gangwal's departure from the board of InterGlobe Aviation in February 2022, when he announced plans to gradually reduce his family's stake in the company.
Shares of InterGlobe Aviation have seen a surge of 7% from intra-day lows to settle 3.6% higher at ₹3,218.55 apiece at the close of the March 11 session. And, it’s now 2% away from the record level of ₹3,300 per share hit in February this year.
(Edited by : Jomy Jos Pullokaran)
First Published: Mar 11, 2024 8:49 PM IST
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