IndiGo shares fly down 4.5% after Rs 4,837-cr share sale likely by Gangwal family

The Gangwal Family’s ongoing stake reduction exercise began in September last year after Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022.

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Shares of IndiGo operator InterGlobe Aviation slumped 4.5 percent in early trade on August 16 after a block deal involving 5.1 percent equity in the company took place on the bourses.

At 9.21am, the InterGlobe Aviation stock was trading 3.66 percent lower at Rs 2,445.95 on the National Stock Exchange.

Around two crore shares or a 5.1 percent stake in the company changed hands through a deal worth Rs 4,837 crore.

Though Moneycontrol could identify the buyers and sellers of the deal so far, it had earlier reported, citing sources, that the promoter entity, the Gangwal family led by Rakesh Gangwal, was looking to raise $450 million or around Rs 3,735 crore via a block trade, the biggest yet, while further paring stake in the low-cost carrier.

According to Monecontrol’s report, the deal was likely to happen at a floor price of Rs 2,400 a share, representing a 5.8 percent discount to the last close price of Rs 2,549 per share.

Also Read | Gangwal family launches mega $450mn block deal in Interglobe Aviation, biggest yet

In September last year, the family offloaded a 2.8 percent stake in the airline for Rs 2,000 crore. Additionally, in February, they divested another 4 percent share for Rs 2,900 crore. Rakesh Gangwal resigned from the Interglobe Aviation board in February 2022 and, according to the most recent stock exchange declarations, the family owns 29.72 percent in the low-cost carrier. Upon departing from the board, Gangwal stated that the family had intentions to gradually reduce its ownership stake.

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Abhilash Pagaria, Head of Nuvama Alternative & Quantitative Research, anticipates FTSE to include additional floating shares of InterGlobe Aviation, post the stake sale, within the next few days itself. “This inclusion is expected to generate a passive flow of approximately $ 15 million, involving 0.5 million shares,” he said.

The increase in free float in the counter after the block deal can prompt MSCI to consider an inclusion of the stock in its indices during the November review. “This anticipated inclusion could lead to an inflow of about $29 million, encompassing 1 million shares and resulting in a volume impact over one day,” Pagaria explained.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.