Indigo shares crash on reports of Gangwal family selling 5-8% stake in July

Brokers have already begun approaching select funds to gauge their interest in participating in a potential block deal, as per sources

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The Gangwal family could offload 5-8 percent stake in Interglobe Aviation, which operates Indigo Airlines, on July 15, sources told CNBC-Awaaz on June 12.

Rakesh Gangwal, one of the co-founders of the budget airline, quit the company’s board in 2022 after a fallout with fellow founder Rakesh Bhatia. As of March end, the Gangwal family held 16.2 percent stake in the airline.

The block deal could be worth anything between Rs 5,000 crore and Rs 7,000 crore, the persons privy to the development told the news channel. Brokers have begun approaching select funds to gauge their interest in participating in a potential block deal, they added.

At 12pm, the stock of Interglobe Aviation was quoting at Rs 2,395.05 on the NSE, lower by 2.75 percent. The stock is up 31 percent from March low of Rs 1,825.

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The Gangwal family has been steadily reducing stake ever since rift erupted between the co-founders. On February 15, the family sold approximately 4 percent of their stake for an estimated Rs 2,900 crore. Prior to that, on September 8, 2022, they had sold around 2.8 percent at approximately Rs 2,000 crore.

The stock price, however, has remained stable. It is up 17 percent so far this year and 36 percent in the past one year. Stable crude prices and problems at GoAir and SpiceJet have kept the sentiment upbeat.

In the quarter ended March 2023, the airline reported a second consecutive quarterly profit of Rs 919 crore. Indigo’s revenue from operations grew 76.5 percent on-year to Rs 14,161 crore from Rs 8,020 crore in the same quarter last fiscal.

With Go First filing for bankruptcy voluntarily with the National Company Law Tribunal (NCLT), analysts expect Indigo to gain market share going forward.

IndiGo’s competitive position has also improved and it is well-positioned to take advantage of the opportunity presented by the domestic market, according to Bank of America. It has a “buy” rating on the stock and a target price of Rs 2,700 a share.

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