0

IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation – today news

Share


Mumbai: IndiGo co-founder Rakesh Gangwal plans to sell up to 12.75 million shares, or 3.3% of his stake in InterGlobe Aviation Ltd, through a block deal, according to a term sheet reviewed by Mint.

The sale, estimated to be worth 3,730 crore ($450 million), will see the offer floor price set at 2,925 per share, a 5.8% discount to the last closing price of 3,105.7 apiece on the NSE.

Following this latest sale, Gangwal’s stake in the company will decrease to 8.42%. The promoter group’s holding will also decrease.

Morgan Stanley, JP Morgan, and Goldman Sachs are managing the sale on behalf of the promoter.

IndiGo’s stock has jumped 67.35% in the past one year, compared with a 23% gain in the benchmark Sensex in the same period.

This latest stake sale follows similar transactions by Gangwal in the past. In September 2022, he and his family sold a 2.8% stake in the airline operator for 2,000 crore, and in February 2023, they sold a 4% stake for 2,900 crore.

On 16 August, Rakesh Gangwal’s wife Shobha Gangwal, part of the promoter group, sold her entire near 3% stake in InterGlobe Aviation Ltd for 2,801.8 crore through a bulk deal on the BSE.

The latest block deal is part of Gangwal’s plan to gradually reduce his stake in InterGlobe Aviation.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here.
Download The Mint News App to get Daily Market Updates & Live Business News.

More
Less

Published: 07 Mar 2024, 08:34 PM IST



Source Link