Shares of InterGlobe Aviation Ltd., the parent company of low-cost airline IndiGo, are drawing considerable attention on Thursday morning. Reports have emerged suggesting that promoters Rakesh Gangwal and the Chinkerpoo Family Trust are looking to sell a significant stake in the company via block deals.
Promoter Stake Sale Details
According to the terms of the deal mentioned in the reports, up to 1.47 crore shares of InterGlobe Aviation could be offloaded. The total value of the deal is estimated to be around $850 million or approximately Rs 6,750 crore. The block deal is expected to occur at a discounted indicative price of Rs 4,593 per share.
Market Reactions
As news of the potential block deal circulates, market analysts and investors are keeping a close eye on InterGlobe Aviation’s share prices. The discounted offering price is notably lower than recent market prices, which could influence both trading volumes and share price movements in the short term.
Impact on InterGlobe Aviation
Such a substantial offload of shares by key promoters is bound to have implications for InterGlobe Aviation’s stock market performance. Investors will be evaluating the reasons behind the sale as well as the long-term viability of the company in the wake of these developments.
