 "Photo: Bloomberg")
Shares of InterGlobe Aviation, parent firm of IndiGo, continued to reel under pressure on Tuesday even as the company clarified on stake sale rumors by Gangwal family.
In an exchange filing, IndiGo said that the Company has not received any such information nor has the Company been made aware by the co-Founder of their intention to sell their stake. READ FILING HERE
At 2:30 PM, shares of the low-cost airline were down 3 per cent at Rs 2,342 apiece as against 0.5 per cent rise in the benchmark S&P BSE Sensex. In two days, the stock has fallen 5.3 per cent on the BSE.
According to a Business Standard report, the Rakesh Gangwal family, which owns 30 per cent stake in InterGlobe Aviation, may sell up to 8 per cent stake in the private airline via block deals by July. The stake is valued at Rs 7,437 crore taking into account Monday's share closing price of Rs 2,411 a share. READ MORE
Bankers told Business Standard that institutional investors have been approached by investment bankers seeking their interest in the stake. The stock has done well so far this year due to suspension of operations by rival Go First and cooling aircraft fuel prices, they added.
The family is bringing its stake down since September last year when it first sold a tranche of 2.8 per cent worth Rs 2,000 crore. The family sold another 4 per cent stake in February this year for Rs 2,900 crore.
