IndiGo Shares Drop 4% After Block Deal By Promoter Rahul Bhatia's InterGlobe Enterprises

IndiGo Shares Drop 4% After Block Deal By Promoter Rahul Bhatia's InterGlobe Enterprises

Currently, the promoters of the airline, Rahul Bhatia and family holds 37.75 per cent stake in the company.

G R MukeshUpdated: Tuesday, June 11, 2024, 01:29 PM IST
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The shares of InterGlobe Aviation, parent company of IndiGo Airlines, dropped by 4 per cent on Tuesday, June 11, following the report of a substantial block deal by the company.

According to Moneycontrol report, the transaction involved 83.7 lakh shares, which account for 2.2 per cent of the company and the average price per share during this deal was Rs 4,406, adding a total of Rs 3,689 crore.

Involved Parties and Stake Reduction

Although the report did not indicated the specific parties involved in this transaction but added that the holding company of Rahul Bhatia's family, InterGlobe Enterprises, aimed to reduce its stake in the airline by around 2 per cent which is estimated to be worth around USD 394 million.

Currently, the promoters of the airline, Rahul Bhatia and family holds a 37.75 per cent stake in the company.

This sale is also the first time in several years that the promoter, Rahul Bhatia is looking to unlock by offloading approximately 2 per cent of his stake, Moneycontrol reported.

Share performance

After the report, following the block deal, the trading volume of the company spiked.

By 9:28 AM IST, on the BSE, over 9,98 lakh equity shares worth Rs 3,493.41 were traded and on NSE, more than 16.57 lakh shares worth over Rs 733.94 crore changed hands.

The shares of the company at 1:14 pm IST were trading at Rs 4,388.05, down by 3.91 per cent.

Market Capitalisation

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The shares of the company has shown strong performance over various time frames. This include:

One Past Month: 7.69 per cent return

Last Six Months: 50.26 per cent increase

Year-to-Date: 47.59 per cent surge

Last Twelve Months: 82.33 per cent return

Despite having this recent dip, the market capitalisation of the company on June 11 is at Rs 1,76,105.16 .

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