InterGlobe Aviation, the parent company of IndiGo, saw its shares drop by 4% following a major block deal involving 83.7 lakh shares, which represents a 2.2% stake in the company. This transaction was executed at an average price of ₹4,406 per share, amounting to a total value of ₹3,689 crore, as reported by agency.
The specific parties involved in the transaction were not disclosed. However, the report indicated that InterGlobe Enterprises Private, the holding company of the Rahul Bhatia family, aimed to reduce its stake in the carrier by approximately 2%, a move valued at around $394 million.
Rahul Bhatia and his family are prominent promoters of InterGlobe Aviation, holding a 37.75% stake through InterGlobe Enterprises. According to a source cited by the outlet, this block deal marks the first significant move in many years by Rahul Bhatia to unlock value and secure some returns.
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As of 9:24 am today, over 9.98 lakh equity shares of IndiGo, totaling ₹3,493.41 crore, were traded on the Bombay Stock Exchange (BSE). Additionally, more than 16.57 lakh equity shares worth ₹733.94 crore changed hands on the National Stock Exchange (NSE).
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