IndiGo's block deal affected the shares, the stock fell by 2 percent
IndiGo Share: IndiGo's shares are in focus today. Actually, the airline's co-founder and promoter Rakesh Gangwal is selling his stake. After the news of Gangwal's block deal, there was a sell-off in the shares in early trade today. Indigo's shares fell by 2 percent in early trade. Let's know in detail in this article.
IndiGo Airlines is the largest aviation company in the country. Co-founder and promoter of the company Rakesh Gangwal is going to sell his stake. He can do a block deal, Indigo Block Deal, of about $ 850 million, i.e., Rs 7000 crore.
It translates to a floor price for the block deal at Rs 4,593 per share. Currently, Rakesh Gangwal holds a 19.38% stake in Indigo. There is no official confirmation of the block deal.IndiGo shares are in focus today on account of this block deal possibility.
Rakesh Gangwal resigned as the board member of InterGlobe Aviation in Feb 2022. During the time of his resignation, Gangwal had said he would be gradually reducing the stake in the airline over the next 5 years.
IndiGo shares are in the red in the early session of Thursday. At 10.20 am, Indigo shares are trading down 2% at Rs 4,750.95 per share. So far in 2024, Indigo shares have given a return above 63%.
The company had reported a profit of Rs 2,736 crore for Indigo during the June quarter. However, it claimed 11.5% less than what was reported for the corresponding period a year ago.
