InterGlobe Aviation’s stock price and block deal amount:In the last year, the airline company’s stock has increased by almost 67%.
Rakesh Gangwal, one of the company’s co-founders, and his family were reportedly planning to sell 2.23 crore shares, or 5.8% of the business, for Rs 6,600 crore. It was anticipated that the deal will close at Rs 2,925 per share, which represents a 6% discount to the previous closing price.
At the close, the stock on the BSE was up 3.75% at Rs 3,217.85.At approximately the same time, the company’s market capitalization was Rs 1,24,202.15 crore. In the last year, the airline company’s stock has increased by more than 72%.
According to a PTI report, as of December 2023, the promoters of InterGlobe Aviation held a 63.13 percent ownership in the company, while Gangwal held an 11.72 percent shareholding.
Prior to this, on August 16, 2023, the promoters sold a 4.5 percent stake in the business. There was a lock-in of 150 days for the selling of additional stakes.
Rakesh Gangwal and Rahul Bhatia, the two founders of IndiGo, disagreed in July 2019 about the company’s growth strategy. Gangwal supported an aggressive expansion plan, while Bhatia supported a moderate and steady one.
Both promoters reconciled in December 2021 and called an extraordinary general meeting (EGM). In the EGM, restrictions on the transfer of promoter shares and modifications to InterGlobe’s Articles of Association (AoA) were lifted.
Subsequently, on February 18, 2022, Gangwal declared his intention to step down from the IndiGo board and sell his ownership in the company over the course of the next five years.
Due in large part to increased demand for air travel and higher fares during a seasonally robust period, IndiGo operator Interglobe Aviation reported a more than twofold increase in third-quarter profit.
The leading airline in India based on market share stated that it anticipates a 12% increase in capacity, or available seats per kilometer, in the current quarter.
With 358 aircraft, the low-cost airline has the largest fleet in India and holds a market share of almost 62%.
Due to Pratt and Whitney engine problems that have grounded a fifth of its fleet, the airline has started leasing new aircraft and extending leases on existing ones.
For the three months ending December 31, the company posted a standalone profit of Rs 2,998 crore ($362 million), up from Rs 1,418 crore in the same period the previous year.
Analysts noted that the country’s hosting of the men’s Cricket World Cup and the consecutive festive and wedding seasons helped it.
