IndiGo’s promoters, led by the Bhatia family, have initiated a notable post-IPO stake sale, offloading about 2% of their shares in a Rs 3,700 crore block deal. This move marks the first time the Bhatia family has reduced their stake in the airline since the IPO.
The transaction involved 83.7 lakh shares of InterGlobe Aviation, trading under the name IndiGo, at Rs 4,406 each. Following the sale, IndiGo’s stock experienced a downturn, dropping approximately 3%.
InterGlobe Enterprises, managed by Rahul Bhatia, orchestrated the sale, which was reported to be valued at around $394 million. As a result, IndiGo’s shares were trading at Rs 4,411.50, down by 3.31%, early in the trading day.
The sale established a floor price of Rs 4,266 per share, which represents a 6.5% discount to the previous day’s closing price. Citi, serving as the investment banker for the deal, imposed a 365-day lock-up period for the seller post-sale.
Despite this recent transaction, IndiGo’s market performance over the past year has been robust, with shares appreciating by 80%. This growth underscores IndiGo’s significant presence in the burgeoning Indian aviation market.
