IndiGo shares rise 5% as Morgan Stanley buys partial stake

Rakesh Gangwal, the co-founder of IndiGo, sold a 5.8 percent stake in the airline for Rs 6,785 crore

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Shares of InterGlobe Aviation, which operates IndiGo, gained 5 percent at Rs 3,262 on March 12 morning, extending gains to a second day after Morgan Stanley Asia bought half a percent, or 21 lakh shares, in India’s biggest airline.

Rakesh Gangwal, the co-founder of IndiGo, sold a 5.8 percent stake in the airline for Rs 6,785 crore on March 11.

Morgan Stanley bought shares at an average price of Rs 3,015, a discount of 6.3 percent from the previous closing price of Rs 3,218.

Following the transaction, Gangwal’s stake in India’s biggest airline stands at 6 percent, bringing down the promoter group’s holding in the company to 57.3 percent, exchange data shows.

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At 9.20 am, the stock was trading at Rs 3,218 on the National Stock Exchange, up 3.6 percent from the previous close. The share price has surged 70 percent in the last year.

Gangwal stepped down in February 2022 and announced plans to dilute his family’s stake. In February, the Gangwal family sold a 4 percent stake for Rs 2,900 crore and again sold a 2.8 percent stake, worth Rs 2,000 crore, in September. The most recent block deal took place in August where the family divested a stake worth $450 million.

In the third quarter of the current fiscal, the airline reported an 111 percent increase in net profit on sustained demand for air travel and the implementation of a fuel surcharge in October. The net profit surged to Rs 2,998.12 crore, up from the Rs 1,422.6 crore in the year-ago period. Revenue grew 30 percent to Rs 19,452.15 crore.

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