IndiGo's Stake Sale: In a recent development, Rakesh Gangwal, the co-founder of leading Indian carrier IndiGo, is set to divest a stake of approximately 3.3%, equivalent to 37.3 billion rupees ($451 million), in Interglobe Aviation through a strategic block deal, as reported by CNBC-TV18.
Block Deal Details:
- The floor price for this substantial transaction has been established at 2,925 rupees per share, representing a 5.8% discount to Interglobe's closing price on the preceding Thursday.
- The specific timing of the block deal has not been disclosed in the report.
IndiGo's Response:
- IndiGo has not yet provided an official response to a Reuters request for comments on this significant development.
Stake History:
- Rakesh Gangwal, who co-founded IndiGo in 2006 alongside Rahul Bhatia, currently holds an 11.72% stake in the airline, based on the latest available exchange data.
- Notably, Gangwal and his wife, Rekha Gangwal, have steadily reduced their shareholding in the company over the past year, culminating in Rekha Gangwal's complete exit from the firm in August of the previous year.
Chinkerpoo Family Trust's Role:
- Despite the sell-off, the Gangwals' Chinkerpoo Family Trust remains a significant player in Interglobe Aviation, holding a noteworthy 13.49% stake.
- This trust continues to be the company's most substantial shareholder after Rahul Bhatia's Interglobe Enterprises.
Implications for Interglobe Aviation:
- The stake sale by one of its co-founders raises questions about the strategic direction of Interglobe Aviation and potential shifts in ownership dynamics.
Market Impact:
- Investors and industry experts will be closely monitoring the aftermath of this significant stake sale, evaluating its impact on Interglobe's stock performance and market perception.
This development adds another layer of intrigue to the ongoing narrative of ownership changes within IndiGo and sets the stage for potential shifts in the airline industry landscape. Stay tuned for more updates about IndiGo's news.
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