IndiGo shares fall 4% after block deal, Rahul Bhatia family suspected sellers

InterGlobe Aviation shares dropped 4 percent after a block deal involving 8.37 million shares, or a 2.2 percent stake in the company, occurred on the exchanges. Executed at an average price of ₹4,406 per share, the block deal valued at ₹3,689 crore, according to Moneycontrol. Although the parties involved not identified, the report indicated that InterGlobe Enterprises Private, the holding company of the Rahul Bhatia family, aimed to sell approximately a 2 percent stake in the airline, worth $394 million, through the block deal.

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Rahul Bhatia family holds 37.75% stake in InterGlobe aviation

Rahul Bhatia and his family, promoters of InterGlobe Aviation, hold a 37.75 percent stake in the airline through their holding company, InterGlobe Enterprises. According to a source cited by the outlet, this is the first time in many years that Bhatia is seeking to unlock value and secure some returns. As of 9:24 am today, over 998,000 equity shares of IndiGo, valued at ₹3,493.41 crore, were traded on the BSE, and more than 1,657,000 equity shares, worth over ₹733.94 crore, exchanged hands on the National Stock Exchange (NSE).

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InterGlobe aviation shares drop 4.42%, market cap nears ₹1.70 lakh crore

The block deal executed at an average price of ₹4,406 per share, totaling ₹3,689 crore. Various media reports indicate that Rahul Bhatia-led InterGlobe Enterprises aimed to sell 7.7 million equity shares, worth $394 million, at a base price of ₹4,266 per share, which reflects a 7 percent discount from its previous close of ₹4,566.60 on the NSE on Monday.

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