Rakesh Gangwal, co-founder of the country’s largest airline IndiGo, is selling his 3.4% stake in the company. According to Money Control, the Gangwal family and The Chinkarpu Family Trust will sell this stake for Rs 6,831 crore through a block deal. The floor price (minimum price) of the shares for the deal has been fixed at Rs 5,175. This price is 4.5% less than the closing price of the share on May 26 (Rs 5,424). Big investment banks like Goldman Sachs, Morgan Stanley and JP Morgan will execute this deal. The Gangwal family currently holds a 13.5% stake in IndiGo. Earlier in August 2024, the Gangwal family earned Rs 9,549 crore by selling 5.2% shares. Shares worth Rs 6,783 crore were also sold in March 2024. Rakesh Gangwal, while resigning from the board of InterGlobe Aviation in February 2022, had said that he would gradually reduce his stake in the next 5 years. This deal is part of the same strategy. The airline made a profit of 3000 crores InterGlobe Aviation, the company that operates IndiGo, has made a net profit (consolidated net profit) of Rs 3,068 crore in the fourth quarter of FY 2024-25. It has increased by 62% on an annual basis. It was Rs 1,895 crore in the same quarter last year. The company has made this profit due to the increasing demand in air travel. In the January-March quarter, the revenue from IndiGo’s operations grew 24% year-on-year to Rs 22,152 crore. In the fourth quarter of FY24 i.e. the same quarter a year ago, the company’s revenue was Rs 17,825 crore. IndiGo released the January-March quarter and annual results on Wednesday (May 21). Indigo’s stock rises 28% in 6 months Indigo’s stock closed today at Rs 5,424 with a fall of 1.76%. The company’s stock has risen 1% in one month and 28% in 6 months. The company’s stock has risen 27% in one year. Indigo’s market cap is Rs 2.10 lakh crore. A month ago, Indigo became the world’s most valuable airline A month ago, Indigo became the world’s most valuable airline in terms of market capitalization. According to Bloomberg, On 9 April, Indigo achieved this position by leaving behind US-based Delta Airlines for some time. However, Indigo came back to the position of the world’s second most valuable airline only after about 1 hour. Read full news… Indigo is India’s largest airline Indigo is the country’s largest airline in terms of market share. The company’s share in the Indian airline market is around 64%. 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.
