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.
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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.
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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.”
