InterGlobe Sells 2% Stake In IndiGo

InterGlobe Enterprise, the promoter of InterGlobe Aviation, the parent company of IndiGo, sold nearly 2% of its shares in the airline for over INR 3,367 crore. The Bhatia-owned business remains the top stakeholder post-sale with about 35.7% interest.

By Priyal Dutta 13 Jun 2024 in Airline Aviation

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IndiGo is India's largest airline in terms of passenger capacity and fleet size

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In-Di-Go! Promoter Swaps Shares in Surprise Move

Interglobe Enterprise, a promoter of InterGlobe Aviation, which operates IndiGo, sold a nearly 2 percent stake in India's largest airline for a little over INR 3,367 crore through open market transactions. After the share sale, the Bhatia-owned company will continue to remain IndiGo’s largest shareholder, with around a 35.7 percent stake.

Following the share sale, the Bhatia-owned business will remain IndiGo's top stakeholder, with approximately 35.7 percent interest

IndiGo is India’s largest airline, serving six out of 10 domestic passengers. Mr Bhatia will continue as the company's promoter and managing director. Interglobe Enterprise, in a statement, informed that the sale proceeds will be used to scale up its hospitality and other incubating businesses and for general corporate purposes.

FRF — Rahul Bhatia, CEO of InterGlobe Enterprises

In the statement, Mr Bhatia added that the strong response from existing and new investors demonstrates IndiGo's competitive strength and long-term prospects. "IndiGo is a standout success, and I am immensely proud of our company’s journey so far. I remain very excited to continue overseeing IndiGo’s next growth phase. I believe there is a long runway for growth as India remains the fastest-growing aviation market globally, and we have the right strategy and management team to capture this opportunity."