Shares of IndiGo decreased as a result of the Rakesh Gangwal family’s block deal
About 2.9% interest in IndiGo has been sold. Its value is Rs. 2692 crore based on the average share price of Rs. 1900.
Indigo Share Price: As soon as the market opened on Thursday, September 8, shares of InterGlobe Aviation, the holding company of Indigo Airlines, started to soar. 1.12 crore shares have been bought and traded on the NSE, according to Bloomberg. However, neither the buyers nor the sellers have been formally announced. IndiGo shares were down 3.3% at Rs 1919 on the BSE when the market opened in the morning.
Later on, it was slightly enhanced. Additionally, IndiGo’s shares are down 1.75% at Rs.1943 as of 10:30 a.m. Shares of IndiGo began trading today at Rs. 1926 and fell as low as Rs. 1885.
CNBC TV 18 reported that 2.9% or so of IndiGo’s shares have been sold. Its value is Rs. 2692 crore based on the average share price of Rs. 1900. The founder of IndiGo, Rakesh Gangwal, and his family are reportedly selling their 2.8% stake in the airline, according to a report from the day before.
The Gangwal family was about to engage in a block transaction to sell their interest. The block trade is what caused today’s share decline, although the seller who purchased the shares has not yet been publicly identified.
The deal size is estimated to be around $250 million, or Rs. 1996 crore, based on the base price. About 23% of IndiGo was owned by Rakesh Gangwal and his wife Shobha Gangwal. In 2006, the IndiGo airline was founded. It has a market capitalization of approximately Rs 76.40 thousand crore. Rakesh Gangwal and Rahul Bhatia founded the airline.