Indigo Shares Fell 3%; Promoters to sell 2% Stake for Rs 3,700 crore via Block Deal

Indigo promoters to sell 2% stake in the Interglobe aviation airline company for Rs 3,700 crore in a block deal on Tuesday, 11 June 2024. In the block deal window, 83.7 lakhs equity shares of Indigo were noticed in the shares exchange. 

This is the first time the Bhatiya family is selling the stake in the Interglobe Aviation post IPO. Interglobe Enterprise, company’s promoter Rahul Bhatia  , held a 37.91% stake in Interglobe Aviation as of the exchange filing in March 2024.

According to the sheet, after the block deal, there will be a lock-in period of 365 days for the seller. The promoter group is planning to invest money in the hospitality business, whose primary focus is to increase their presence in Europe. 

In December 2023, InterGlobe Enterprises introduced a new lifestyle hotel brand, Miiro, to launch a collection of individually designed hotels in European cities. This  chain will make its debut this summer in Paris and Barcelona, with more European markets in Plan.

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Indigo Share Price Update

Yesterday, the share price of Indigo was 4.5% up and hit a 52-week high of Rs 4,609. However, today after the block deal Indigo shares faced sharp rejection from the higher levels and eroded the yesterday gains.

Indigo Financial’s in Brief 

In the fourth quarter of FY23, Integlobe aviation reported an operating profit of Rs 3,984 crore and profit after tax of Rs 1,894 crore. The company delivered a compounded three years sales growth of 68% and compounded three years profit growth 49%. The stock price grew at a CAGR of 37%.

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