Shares of InterGlobe Aviation, which operates low-cost carrier IndiGo, dipped 5 per cent to Rs 2,425 on the BSE in Wednesday’s intra-day trade after nearly 5 per cent equity of the company changed hands via block deal.
At 09:15 AM; around 18.19 million equity shares representing 4.71 per cent of total equity of IndiGo changed hands on the BSE, the exchange data shows. However, the names of the buyers and sellers were not ascertained immediately.
The family of IndiGo co-founder Rakesh Gangwal was likely to sell shares worth Rs 3,730 crore through a block deal on Wednesday, according to a term sheet, reports suggested. This is part of Gangwal’s plan to bring down his family’s stake in the company.
