InterGlobe Aviation, parent of IndiGo, sold 7.72 million shares in a block deal. The proceeds will be used to scale up hospitality and other businesses. Rahul Bhatia remains the largest shareholder.
Mumbai, Jun 11 (PTI) InterGlobe Aviation Limited, the parent company of IndiGo, said 7.72 million of its shares, representing around two per cent of the total share capital of IndiGo, were sold via a block deal on behalf of InterGlobe Enterprises Private Limited on Tuesday.
The proceeds will be utilised for scaling up IGE's hospitality and other businesses it is incubating as well as for general corporate purposes, the company said in a statement.
Post completion of this sale, Rahul Bhatia related promoter group will continue to remain IndiGo's largest shareholder, it said.
Bhatia will continue to maintain his role as a promoter and managing director of the company and will continue to drive the strategic direction of IndiGo along with Pieter Elbers, IndiGo's chief executive officer, according to the statement.
"The strong response received from both existing and new investors demonstrates the competitive strength and long-term prospects of IndiGo," IGE group managing director Rahul Bhatia said.
"I remain 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 added. PTI IAS
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