A major stake in Indigo Airlines is to be sold. The Gangwal family, its promoters, may sell shares worth $450 million, or Rs 3,730 crore, through a block deal on Wednesday, the report claimed. The Gangwal family will hold 15.6 million shares in the block deal at Rs 2,400 per share. A discount of 5.8% has been given on these shares.
The Economic Times has said in its report that Morgan Stanley, JP Morgan and Goldman Sachs are the bankers in this deal. According to BSE data, the Gangwal family owns 29.72 percent stake in IndiGo Airlines and its total holding by promoters was 67.77 percent as of June 2023-end.
As per the current market value in IndiGo, the Gangwal family’s total stake is Rs 29,218 crore and India’s largest airline has a market capitalization of Rs 98,313 crore. The Gangwal family’s stake in the airline stood at 36.66 percent in June 2022, and its co-founder Rakesh Gangwal has since been reducing his stake.
In February last year, Rakesh Gangwal resigned from the Indigo board and said he would sell the stake in the next five years. Importantly, on an operational basis, Indigo posted a profit of Rs 3,090 crore in the first quarter of the financial year and a revenue of Rs 17,160 crore. Highest-ever quarterly profit and revenue, beating consensus expectations by 80%.
It carried 26.2 million passengers in the June 2023 quarter with a load factor of 88.6 percent. Indigo had a fleet of 316 aircraft at the end of June 2023 and added a total of 12 passenger aircraft during the quarter. The airline is looking at increasing the fleet by around 25% over the second quarter of FY2023.
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