Bhatia family, among the major promoters of budget carrier Indigo, is reportedly planning to sell a 2 per cent stake in the airline on Tuesday. The deal is expected to bring in around Rs 3,292 crore ($394 million) via a block deal.
Bhatia family, among the major promoters of Indigo, is set to sell 2 per cent of their stake via a block deal, valued at $394 million
Bhatia family, among the major promoters of budget carrier Indigo, is reportedly planning to sell a 2 per cent stake in the airline on Tuesday. The deal is expected to bring in around Rs 3,292 crore ($394 million) via a block deal.
This would mark the first time for the Bhatia family to sell part of their ownership in InterGlobe Aviation, the company that has run IndiGo since it went public.
As per various media reports, InterGlobe Aviation, headed by Rahul Bhatia, was considering selling 77 lakh equity shares valued at $394 million, with a base price of Rs 4,266 per share. This price represented a 7 per cent discount from its previous closing price of Rs 4,566.60 on the National Stock Exchange (NSE) on Monday.
At 10:00 am, the shares of the aviation company were trading at Rs 4,410 price level, down by 3.43 per cent on the NSE.
Under regulatory constraints, Bhatia was earlier barred from selling additional shares in the market for a minimum of one year.
Meanwhile, InterGlobe Aviation reported a record-breaking profit of Rs 8,172 crore for FY24. In the March quarter, the company reported a net profit of Rs 919.2 crore. The company's revenue from operations surged by 26 per cent to Rs 17,825.3 crore.
EBITDA soared by 48.7 per cent to Rs 4,412.3 crore in the fourth quarter of this fiscal year compared to Rs 2,966.5 crore in the corresponding period last year. The EBITDA margin for the reporting quarter stood at 24.8 per cent.
On yearly basis, the shares of the aviation company have delivered a return of more than 82 per cent on NSE.