June 21, 2024 12:51 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Pune woman hangs from building edge holding a man's hand just for an Instagram reel. Read here | BJP's Bhartruhari Mahtab appointed Pro Tem Speaker, Congress calls it 'first mistake' | Delhi Chief Minister Arvind Kejriwal gets bail in liquor policy case | CBI probe into UGC-NET 2024 has been ordered, says Education Ministry a day after cancelling exam | Darshan Thoogudeepa involved murder case: Renukaswamy's testicles were ruptured, face was half-eaten by dogs
IndiGo shares tank 4% as parent InterGlobe Enterprises offloads 2.2%
Photo courtesy: File image by Praveen Thirumurugan on Unsplash

IndiGo shares tank 4% as parent InterGlobe Enterprises offloads 2.2%

| @indiablooms | 11 Jun 2024, 12:37 pm

New Delhi/IBNS: The shares of India's leading domestic and international passenger airline InterGlobe Aviation Ltd, which does business as IndiGo, slumped by 4 percent after a block deal involving 83.7 lakh shares, representing a 2.2 percent stake in the company, took place on the exchanges, reports said.

According to a Moneycontrol report, the block deal was executed at an average price of Rs 4,406 per share, amounting to a total of Rs 3,689 crore.

Although the parties involved in the transaction were not identified, the Moneycontrol report indicated that IndiGo's parent company InterGlobe Enterprises Pvt Ltd, the holding company of InterGlobe Aviation's founder Rahul Bhatia's family, was looking to reduce its stake in the airline by around 2 percent, which is worth approximately $394 million, through the block deal.

Rahul Bhatia and his family, the promoters of IndiGo, hold a 37.75 percent stake in the airline through their holding company InterGlobe Enterprises Pvt Ltd, as per reports.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.