Indigo’s Rs 11,000 crore block deal: Report claims – Company’s co-founder Rakesh Gangwal sold his entire stake

About 6% stake in IndiGo’s parent company InterGlobe Aviation has been sold today through a block deal. Through this deal, about 2.3 shares of the airline operator have been sold at Rs 4,760 per share. This deal is worth Rs 11,000 crore. Who has done this deal, who are the sellers and buyers of the shares? No official information has been revealed about this. In media reports, it is being speculated that the company’s promoter and co-founder Rakesh Gangwal has sold his entire stake through a block deal. InterGlobe Aviation’s share fell after the news of the sale
The impact of the news of the sale of shares through a block deal was also seen in the company’s share price. After the day’s trading, InterGlobe Aviation’s share closed at Rs 4,769.45 with a decline of 1.86%. Earlier during the trading, it had seen a decline of more than 2.50%. Its stock has seen a gain of 5.78% in the last 5 days, 7.44% in one month and 51.15% in 6 months. At the same time, the stock of InterGlobe Aviation has given a return of 91.90% in one year. Gangwal resigned from the board of InterGlobe Aviation in February 2022
Rakesh Gangwal resigned from the board of InterGlobe Aviation as a non-executive, non-independent director in February 2022. He had then said that he would gradually reduce his stake in five years. In a letter written to the board, Gangwal had said, ‘I have been a shareholder of the company for more than 15 years. It is natural to think about diversifying one’s holdings one day. My goal in the next five years is to gradually reduce my equity stake….Like any other plan, future developments may affect my current thinking.’ IndiGo is India’s largest airline
IndiGo is India’s largest airline in terms of market share. It was founded in 2006 by Rahul Bhatia and Rakesh Gangwal. It operates more than 2000 flights daily. IndiGo flights operate to more than 80 domestic destinations and more than 30 international destinations. It connects 110+ destinations. The airline has a fleet of more than 320 aircraft. It has more than 50 crore customers.