InterGlobe Enterprises to Sell 4% Stake in IndiGo Through Block Deals, Eyes $1 Billion Boost: Report
Through a block deal, promoter Interglobe Enterprises intends to sell about 4% of its ownership in IndiGo. By selling its shares, the business hopes to raise about $1 billion.
According to a CNBC TV18 report citing sources, promoter entity Interglobe Enterprises is now expected to sell roughly 4% of its interest in IndiGo through a block sale after Rakesh Gangwal and his family sold off 5.7 percent of the company earlier this year. At the moment, Interglobe Enterprises owns 35.70 percent of the airline.
According to the report, the promoter group hopes to raise about $1 billion through the sale of shares.
This action comes after co-promoter Rakesh Gangwal, who has been selling airline stock since 2022, made a similar move. For Rs 9,549 crore, Rakesh Gangwal’s family trust sold a 5.24% share in the airline in August 2024. It had already sold shares in March. This action is a component of Rakesh Gangwal’s earlier decision, made public in February 2022, to progressively decrease his ownership after a disagreement with co-founder Rahul Bhatia over corporate governance issues.
The most recent development occurred in May when Rakesh Gangwal and his family trust sold a 5.7% share in the airline in a block deal for about Rs 11,559 crore ($1.36 billion). He now owns just 7.8% of IndiGo after the most recent stock sales.
IndiGo refused to comment when CNBC-TV18 asked the airlines for their thoughts on the alleged translation, saying, “We won’t comment on the query.”
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