Indigo Suffers Turbulence As Stock Crashes 4% On Promoter’s Stake Sell
This is the first time in many years that Bhatia looks to unlock value and pocket some returns
Indigo stocks experienced a turbulence in the Tuesday trading session as the stock fell nearly 4 per cent after the airline’s promoter Rahul Bhatia offloaded a 2 per cent stake in the airline.
The shares were sold through a block deal valued at approximately Rs 3,700 crore at Rs 4,266 each with a 6.5 per cent discount to Indigo’s Monday’s closing price of Rs 4,562 per share.
Indigo stock traded at Rs 4,397 with 3.7 per cent in the afternoon trading session on the National Stock Exchange (NSE).
This is the first time in many years that Bhatia looked to unlock value and pocket some returns. Citi Bank facilitated 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.
Currently, Interglobe Enterprises holds a 37.75 per cent stake in Interglobe Aviation, according to recent exchange filings.
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 unveiled an AI company, AionOS, in collaboration with former Tech Mahindra Managing Director CP Gurnani.
