Rahul Bhatia’s promoter entity Interglobe Enterprises Private Ltd plans to sell stake worth $394 million in Indigo Airlines parent firm Interglobe Aviation via block deal, multiple persons in the know told Moneycontrol on the condition of anonymity.
Importantly, there is a lock up period of 365 days on the seller according to deal terms, a third person said.The total stake of the promoters in InterGlobe Aviation stood at 67.77 per cent as of June 2023, of which Gangwal and his related entities held 29.72 per cent, according to the BSE data. After Wednesday’s block sale, the Gangwal family’s stake in the company would come down to 25.72 per cent.
Over and above Interglobe Aviation, Rahul Bhatia also has business interests in the hotels and artificial intelligence segment which may require additional capital, the third person elaborated.
In February this year, the Gangwal family reduced its stake by a further 4 per cent for around Rs 2,900 crore in a block deal.
This reduced its holding to the current 29.72 per cent.The Gangwal family owned a 36.61 per cent stake in InterGlobe Aviation in June 2022. The other co-promoter, Rahul Bhatia, and his related entities had a holding of 38.17 per cent during the same time last year.
This reduced its holding to the current 29.72 per cent. One of the founders of IndiGo, Gangwal was the president and chief executive officer of US Airways Group from 1998 until his resignation in 2001.
He later served as head of travel technology firm Worldspan Technologies before setting up IndiGo with Rahul Bhatia. The company’s shares ended Monday’s session 1.33 per cent higher at Rs 2,548.35 on the BSE. Its market capitalisation stands at Rs 98,313 crore.
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