Indigo stock crashes after large block deal; Shobha Gangwal likely seller

As of December 2022 end, IndiGo’s promoter and promoter group held 71.92 percent stake in the company, which will now come down to 67.52 percent

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Interglobe Aviation (IndiGo) saw 1.7 crore shares change hands in the block deal window on February 16. This indicates a 4.4 percent stake in the company worth Rs 3,221 crore.

While the buyers and sellers were not known immediately, it was earlier reported that Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, would be offloading some stake.

After the block deal, the stock tumbled 4.52 percent and was quoting at Rs 1,896.35 apiece on the NSE at 9:20 am.

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According to CNBC-TV18, the floor price for the block deal was set at Rs 1,875 per share and Goldman Sachs was appointed as the broker.

As of December 2022 end, IndiGo’s promoter and promoter group held 71.92 percent stake in the company, which will now come down to 67.52 percent.

Shobha Gangwal’s individual holding will come down to 2.64 percent from 7.04 percent. ?This is Gangwal family’s second round of promoter stake sale after selling a 2.8 percent stake for about Rs 2005 crore in September 2022.

In February last year, Rakesh Gangwal had stepped down from the company’s board and had informed that he would sell his holdings in the airline over about five years.

The block deal comes days after the company reported a 1,000 percent surge in net profit during the third quarter of fiscal year 2022-23.

The airline’s profit came in at Rs 1,422.6 crore in Q3 FY23 as against a profit of Rs 129.8 crore in the year-ago period. Revenue from operations surged 61 percent to Rs 14,932 crore in the third quarter as against Rs 9,294 crore a year ago.