In a move that follows a series of stake sales, InterGlobe Enterprises, the promoter entity of IndiGo, is reportedly planning to sell approximately 4% of its stake in the airline through a block deal. According to a CNBC TV18 report, the company currently holds a 35.7% stake in the airline, and the latest transaction could raise around $1 billion.<\/p>\n\n\n\n
This proposed share sale comes after Rakesh Gangwal, a co-founder and former board member of IndiGo, reduced his family’s stake in the airline by 5.7% earlier this year. Gangwal, who has been gradually offloading shares since 2022, sold a 5.24% stake in August 2024 for \u20b99,549 crore, and previously offloaded more shares in March. His stake reduction follows a fallout with co-founder Rahul Bhatia over concerns about corporate governance, which led Gangwal to announce in February 2022 his decision to lower his stake over time.<\/p>\n\n\n\n
The most recent sale, which occurred in May 2024, saw Gangwal and his family trust sell 5.7% of IndiGo for approximately \u20b911,559 crore ($1.36 billion) via a block deal. Following these transactions, Gangwal\u2019s remaining stake in the airline now stands at just 7.8%.<\/p>\n\n\n\n
When contacted for comments on the upcoming stake sale, IndiGo declined to provide any response, stating, \u201cWe won\u2019t comment on the query.\u201d<\/p>\n\n\n\n
As the news of the stake sale spread, shares of InterGlobe Aviation, the parent company of IndiGo, were down by 4.72% at \u20b95,224.65 at 12:40 pm today.<\/p>\n\n\n\n
InterGlobe Enterprises\u2019 decision to sell additional shares in IndiGo aligns with Rakesh Gangwal’s ongoing strategy to reduce his family’s involvement in the airline, which has been a topic of discussion for several years. With Gangwal’s stake now significantly reduced, this could signal a shift in the power dynamics within the airline’s leadership, particularly concerning the co-founders’ differing views on governance.<\/p>\n\n\n\n
The potential $1 billion raised from this latest share sale is expected to have a significant impact on the airline\u2019s financial outlook, depending on the market’s reaction and the extent of any strategic changes. As IndiGo continues to be a dominant player in India\u2019s aviation sector, stakeholders will be watching closely for any further developments.<\/p>\n\n\n\n
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