Gangwal family plans to sell IndiGo stake worth Rs. 3,730cr
What's the story
The Gangwal family, promoters of IndiGo, are set to sell shares worth Rs. 3,730 crore in a block deal on Wednesday.
They have listed 15.6 million shares at a floor price of Rs 2,400 per share, marking a 5.8% reduction from Monday's closing price.
Morgan Stanley, JPMorgan, and Goldman Sachs are the lenders involved in the deal.
Details
Gangwal family's stake is worth Rs. 29,218cr
As of June 2023, the Gangwal family held a 29.72% stake in IndiGo Airlines, with promoters owning a combined total of 67.77% of the company.
The family's total stake is valued at Rs. 29,218 crore. India's largest airline boasts a market capitalization of Rs. 98,313 crore.
Rakesh Gangwal has been gradually reducing his stake since June 2022 when the family held 36.66%.
What Next?
IndiGo had a fruitful first quarter
IndiGo Airlines recently reported an impressive fiscal first-quarter profit of Rs. 3,090 crore and revenue of Rs. 17,160 crore, which is 80% higher than expectations.
During the June 2023 quarter, the airline transported 26.2 million passengers with an 88.6% load factor and expanded its fleet by adding 12 passenger aircraft, bringing the total to 316 aircraft.