Over ₹5,500 crore worth of block deals were transacted on the exchanges today as promoters and key investors sold significant chunks of stake in InterGlobe Aviation, Honasa Consumer, and IRB Infrastructure Developers.
In InterGlobe Aviation, which operates IndiGo airline, the seller was promoter Rahul Bhatia. His holding firm InterGlobe Enterprises sold 77.2 lakh shares or nearly 2 per cent of the equity for ₹3,367.3 crore. It held 37.75 per cent stake in the airline company at the end of March.
A statement from InterGlobe Enterprises said the proceeds of the sale would be used to scale up IGE’s hospitality and other businesses it is incubating, as well as for general corporate purposes. Post the stake sale Bhatia’s promoter group will continue to remain IndiGo’s largest shareholder. Rahul Bhatia will continue to maintain his role as a promoter and Managing Director and “shall continue to drive the strategic direction of IndiGo along with Pieter Elbers, IndiGo’s Chief Executive Officer,” the statement said.
This is the second time Bhatia is selling his stake in the company that he co-founded with Rakesh Gangwal, who has been progressively paring stake as per an agreement reached three years ago. He still holds over 5 per cent stake.
“The strong response received from both existing and new investors demonstrates the competitive strength and long-term prospects of IndiGo. IndiGo is a standout success, and I am immensely proud of our company’s journey so far and remain very excited to continue to oversee IndiGo’s next phase of growth. I believe there is a long runway for growth as India continues to remain the fastest growing aviation market globally and we have the right strategy and management team in place to capture this opportunity,” Bhatia said.
The airline’s shares have almost doubled from the lows reached in June last year. Despite engine troubles, the airline posted a good performance in FY24 and aims to start business class services, too. Its share ended 4.26 per cent down at ₹4,368.20 on the BSE.
Dutch infrastructure major Ferrovial’s subsidiary Cintra sold 5 per cent stake in IRB Infrastructure for ₹1,921 crore, as part of its divestment plan. It held 24.86 per cent stake in the road development company at the end of March. The shares were sold in two chunks at ₹63.43 a share and ₹64.02 a share.
Its shares have trebled since August last year, touching a 52-week high last week. The stock ended 5.3 per cent lower at ₹66.44 on the NSE.
Personal care products company Mamaearth’s parent Honasa Consumer saw 2 per cent equity worth ₹282 crore changing hands as two investors Fireside Ventures and Sofina Ventures sold identical stakes in the company. Fireside Ventures held 5.28 per cent stake in the company at the end of March, while Sofine Ventures held 6.16 per cent.
Honasa listed in November last year at par and climbed to a 52-week high in January. On Tuesday, it fell nearly 5 per cent to close at ₹435.20 on the BSE. It reported a robust performance in the March quarter with 23 per cent like-for-like sales growth and good market share gains.