IndiGo promoter Bhatia family may sell 2% for $394 million
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The Bhatia family, promoters of India's largest airline IndiGo, is likely to to sell a 2% stake in the company on Tuesday for approximately ₹3,292.3 crore ($394 million) through a block deal, as per a term sheet reviewed by ET. This is the first time the Bhatia Family is selling their stake in InterGlobe Aviation post the IPO. The term sheet indicates that the seller is InterGlobe Enterprises Private Ltd, through which Rahul Bhatia, one of the company's promoters, held a 37.91% stake in the company as of March 2024, according to BSE filings. Together, the Bhatia and Gangwal Families hold a 57.29% stake in InterGlobe Aviation. Following the block deal, there will be a lock-up period of 365 days for the seller, according to the term sheet. The sellers are offering 7.71 million shares for sale, at a price ranging from ₹4,266 to ₹4,562.55 per share, the closing price on Monday. Citigroup is the banker for the deal. Interglobe Enterpr...