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