IndiGo block deal: Nearly 23 mn shares change hands; Gangwal likely seller
IndiGo block deal news: A total of 25.73 million shares of InterGlobe Aviation have been traded so far on the bourses on the NSE and BSE
 "IndiGo block deal: Nearly 23 mn shares change hands; Gangwal likely seller")
IndiGo block deal: IndiGo share price today fell 2.9 per cent intraday to Rs 4,714.9 per share on the BSE on Thursday. The slide in indiGo share price came after nearly 22.65 million shares changed hands on the counter on the BSE amid block deals.
At 9:15 AM, a block of 22,652,485 shares changed hands on the BSE at a price of Rs 4,762.55 per share. Further, till 9:20 AM, 23.23 million shares had changed hands on the BSE. Combined with 2.50 million shares that changed hands on the National Stock Exchange (NSE), a total of 25.73 million shares of InterGlobe Aviation have been traded so far on the bourses.
While the names of the buyers and sellers could not be confirmed immediately, reports suggested co-founder Rakesh Gangwal was looking to further pare his stake in the company.
According to various reports, Gangwal was expected to offload nearly 5.8 per cent of his stake in InterGlobe Aviation today. The transaction was supposed to happen at a floor price of Rs 4,593 per share.
At the end of the June quarter, Rakesh Gangwal held 5.89 per cent stake in IndiGo. His wife, Shobha Gangwal held no stake, while The Chinkerpoo Family Trust (Trustee: Shobha Gangwal and JP Morgan Trust Company of Delaware) held 13.49 per cent stake.
Thursday's block deal follows a string of previous block deals which has seen Rakesh Gangwal paring his stake in a bid to exit IndiGo airline. Gangwal's exit has been promoted after he and Rahul Bhatia locked horns over corporate lapses at the organisation -- a case that dates back to 2019.
However, after years of tussle, Gangwal resigned from the board of directors of the company in 2022, and said that he would gradually reduce his equity stake in IndiGo over the next five years.
Since then, Gangwal and his wife first sold 2.8 per cent stake for around Rs 2,000 crore in September 2022; then a 4 per cent stake for Rs 2,900 crore in February 2023; while Shobha Gangwal lone sold a 3 per cent stake for about Rs 2,802 crore in August 2023. As recently as March 2024, Rakesh Gangwal had sold a 6 per cent stake in InterGlobe Aviation to garner Rs 6,786 crore.