IndiGo promoter Bhatia family might sell 2% stake

12 Jun 2024 CW Team

According to a term sheet that ET examined, the Bhatia family, who are the promoters of IndiGo, the biggest airline in India, is expected to sell a 2% interest in the business on Tuesday for about $394 million in a block sale. After the IPO, the Bhatia family is selling their share of InterGlobe Aviation for the first time. According to BSE records, as of March 2024, Rahul Bhatia, one of the company's proprietors, owned 37.91% of the business through InterGlobe Enterprises Private Ltd., which is identified as the seller in the term sheet. The combined family holdings of the Bhatia and Gangwal families comprise 57.29% of InterGlobe Aviation. According to the terms of the block sale, the seller will have a 365-day lock-up period afterward. 7.71 million shares, the closing price on Monday, are being offered for sale by the sellers, with prices ranging from Rs 4,266 to Rs 4,562.55 per share. The deal's financier is Citigroup. Requests for information given on Monday night were not answered by IndiGo or Interglobe Enterprise (IGE). According to people with knowledge of the situation, IGE plans to use the funds to expand its position in Europe by investing in the hotel industry. InterGlobe Enterprises stated in December of last year that it would be launching a new lifestyle hotel brand called Miiro, which would consist of a series of uniquely built hotels in cities around Europe. This summer, the chain will launch in Paris and Barcelona, with plans to expand into other European countries.

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