The Gangwal family of Interglobe Aviation is reportedly raising $450 million or around Rs 3,735 crore via a block trade in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, Rakesh Gangwal, as per media reports.
In September 2022, the family had sold a tranche of 2.8 per cent worth Rs 2,000 crore and in February, it sold a 4 per cent stake for Rs 2,900 crore, as per media reports.
Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022 and the family holds a 29.72 per cent stake in it, as per the latest stock exchange disclosures.
When he quit the board, Rakesh Gangwal had said the family would dilute its stake in a phased manner.
The offer floor price is Rs 2,400/per share, representing a 5.8 per cent discount to the last close price of Rs 2,549 per share, according to deal terms, media reports said.
The current market cap of Interglobe Aviation is around Rs 98,313 crore and its stock price has risen by more than 22 per cent in the last six months, reports said.
Sensex tumbles 1,258 points over HMPV fears, global uncertainties
The Indian stock market witnessed a steep decline on Monday as domestic benchmark indices plunged more than 1.5 per cent amid growing concerns over human metapneumovirus (HMPV) along with global uncertainties.
After robust digital infra, India taking big strides in renewable energy: N Chandrasekaran
After creating a world-class digital public infrastructure (DPI), India is taking giant strides in renewable energy which is another global transition sector, Tata Group Chairperson N. Chandrasekaran has stressed.
Share market ends in green, Sensex settles at 78,699
The domestic benchmark indices ended with gains on Friday as buying was seen in pharma, auto, IT, financial service, FMCG, media, and private bank sectors on Nifty.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.