📷 Image Credits: The Economic Times
In a significant move, the promoters of IndiGo, particularly the Bhatia Family, have decided to sell a 2% stake in the airline through a block deal valued at approximately Rs 3,700 crore. This marks the first time the Bhatia Family is offloading their stake in IndiGo post the IPO. InterGlobe Enterprises, through which Rahul Bhatia, one of the company’s promoters, held a 37.91% stake in the company as of March 2024, according to BSE filings. The block deal, managed by investment banks Morgan Stanley, JPMorgan, and Goldman Sachs, involves around 15.6 million shares, offered at a floor price of Rs 2,400 per share, which is a 5.8% discount from the last closing price. This transaction is part of a strategic move by the promoters to gradually reduce their ownership in IndiGo. After this sale, there will be a lock-up period of 365 days for the seller, as per the stipulations. The sale will lead to a decrease in the promoters’ stake from 37.91% to an estimated 35.91%. It’s worth noting that IndiGo, India’s largest airline, has shown robust financial performance, recording a record quarterly profit of Rs 3,090.6 crore for the first quarter of the fiscal year 2023-24. The company’s shares have also demonstrated significant growth, rising by 33% in the financial year so far. This divestment strategy by the promoters highlights their approach towards managing their stakes and aligning with the evolving dynamics of the aviation industry in India.
