Shares of this large-cap company fell 3 percent in early trade of Monday’s trading session after the promoter is likely to sell a 6.7 percent stake. The shares have delivered more than 70 percent returns to its shareholders in one year.
With a market capitalization of Rs. 1,24,063 crores, the shares of Interglobe Aviation Ltd started Monday’s trading session on a lower note at Rs. 3,033.05 compared to its previous close of Rs. 3,105.70. During the trading session, the shares hit a high of Rs. 3,229.60, gaining around 5 percent and are currently trading at Rs. 3,224 apiece.
According to the block deal, 2.6 crore shares, representing a 6.7 percent stake were exchanged in the shares of InterGlobe Aviation, India’s biggest airline which operates IndiGo in the early trade of Monday’s trading session. The deal was valued at Rs. 7,823 crores.
As per the reports, on March 7, co-founder Rakesh Gangwal was looking to sell a 3.3 percent stake in the company to raise around Rs 3,723 crore. Furthermore, a report later said that Gangwal was considering selling a 5.8 percent stake.
Moreover, major investment banks like Morgan Stanley, JP Morgan, and Goldman Sachs were advising Gangwal on the transaction. Earlier, in February, the Gangwal family sold a 4 percent stake for Rs 2,900 crores and again in September sold a 2.8 percent stake, worth Rs 2,000 crores.
According to the latest shareholding pattern, the co-founder and his family trust collectively own around 25 percent of InterGlobe Aviation. Rakesh Gangwal stepped down in February 2022 and announced plans to dilute his family’s stake in a dispersed manner.
Looking at the company’s financial statement, the revenue zoomed by 30 percent from Rs. 14,944 crores during the September quarter to Rs. 19,452 crores during the December quarter. In addition, the net profits magnified by 1,486 percent from Rs. 189 crores to Rs. 2,998 crores during the same period.
Furthermore, the company is focused on expanding its network presence by increasing connectivity in the non-metro cities of India and expanding its international operations.
Headquartered in New Delhi, Interglobe Aviation Ltd was incorporated in 2004. The company is India’s largest passenger airline operating as a low-cost carrier with a market share of 55 percent which flies to about 75 destinations in India and some 25 international destinations.
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
