look news india
IndiGo Shares: Today, shares of InterGlobe Aviation, the parent company of the giant aviation company IndiGo, are witnessing selling pressure. This is because the mood of its shares has become negative due to the news of IndiGo's co-founder and promoter Rakesh Gangwal selling his stake in it. According to a CNBC-TV18 report, Rakesh Gangwal may sell his shares worth Rs 10,300 crore. Earlier, the sale of shares worth Rs 6750 crore was estimated, but now the source has informed about the sale of more than this, that is, the size of the block deal has increased. Its floating shares are currently trading at Rs 4802.35 on the BSE with a decline of 1.17 percent. Intra-day, it slipped 2.97 percent to Rs 4714.90.
At what price was the block deal of Indigo shares?
Rakesh Gangwal can sell 5.5 percent stake in IndiGo's parent company InterGlobe Aviation for around Rs 10,300 crore. These shares can be sold at a price of Rs 4593 with a discount of about 5.48 percent. As per the shareholding pattern of June 2024, Rakesh Gangwal's stake is 5.89 percent. His wife Shobha Gangwal and Delaware-based JP Morgan Trust hold 13.49 percent stake. Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation in February 2022 and then said that he would gradually reduce his stake in the company over five years.
What is the brokerage stance on Indigo?
International Aviation's profit fell 11.5 per cent year-on-year to Rs 2,736 crore in the first quarter of the current financial year 2024-25 (April-June 2024). However, this was also higher than market expectations and was due to a sharp increase in domestic travel in the June quarter. Global brokerage firm Jefferies says that its operating performance has been consistently impressive over the last one and a half years. According to Jefferies, its yield is healthy. Meanwhile, the brokerage has upgraded its rating to Buy and set a target price of Rs 5225.
