InterGlobe Aviation (IndiGo) shares and the potential sale by the Gangwal family. Here’s a summary of the key points:
- Share Sale: The Gangwal family, which is part of the promoter group of IndiGo, is reportedly considering selling shares of the company.
- Sale Value: The proposed share sale is estimated to be worth up to Rs 3,730 crore (approximately $450 million).
- Number of Shares: The Gangwal family has put 1.56 crore shares of IndiGo on the block for potential sale.
- Floor Price: The floor price for the share offering is set at Rs 2,400 per share, which represents a 5.8% discount to the closing price of IndiGo shares on the previous trading day (Monday).
- Block Deals: The shares are expected to be sold via block deals, which involve a large number of shares being traded in a single transaction.
The Gangwal family’s share sale and offer insights into the context of IndiGo’s financial performance. Here’s a breakdown of the information:
- Share Sale: The Gangwal family is selling shares worth $450 million in a block deal. The shares are being sold through bankers Morgan Stanley, JPMorgan, and Goldman Sachs.
- Share Offering: The family is offering 5.6% of its shares as part of the sale.
- Floor Price: The floor price for the share sale is set at Rs 2,400 ($32.27) per share. This represents the minimum price at which the shares will be offered.
- IndiGo’s Financial Performance: IndiGo reported a net profit of Rs 3,090 crore ($414.98 million) in the first quarter (Q1). The company’s revenue for Q1 was Rs 17,160 crore ($2.30 billion).
The company’s plans to invest its excess cash and establish a venture capital arm signal a strategic approach to deploying its resources and expanding its business scope.
