IndiGo Promoters Sells 2% Stake In Rs 3,700 Cr Block Deal
Currently, Interglobe Enterprises holds a 37.75 per cent stake in Interglobe Aviation, according to recent exchange filings
Rahul Bhatia's promoter entity, Interglobe Enterprises, is set to offload a 2 per cent stake in Interglobe Aviation, the parent company of IndiGo Airlines, through a block deal valued at approximately Rs 3,700 crore (USD 394 million).
According to reports, the deal has been launched, and Bhatia is looking to offload around 2 per cent stake. This is the first time in many years that he is looking to unlock value and pocket some returns.
Currently, Interglobe Enterprises holds a 37.75 per cent stake in Interglobe Aviation, according to recent exchange filings. The firm's stock has seen a significant increase, rising by 55.66 per cent over the past six months.
Reports also indicate that the floor price for the shares has been set at Rs 4,266 each, representing a 6.5 per cent discount to Interglobe Aviation's closing price of Rs 4,562.55 per share. Citi is acting as the investment banker for this transaction.
An important condition of the deal is a 365-day lock-up period on the seller, according to reports.
Apart from his stake in Interglobe Aviation, Rahul Bhatia has diversified interests in the hospitality sector and the burgeoning field of artificial intelligence, which may necessitate additional capital. In April, Bhatia launched an AI company, AionOS, in collaboration with former Tech Mahindra Managing Director CP Gurnani.
