InterGlobe Aviation shares decline 2% as Rakesh Gangwal offloads 5.7% stake via block deal

New Delhi: Shares of InterGlobe Aviation declined 2 per cent on Tuesday amid reports that promoter Rakesh Gangwal and his family trust sold a 5.7 per cent stake in the airline through a block deal.

The company's stock dipped 1.94 per cent to settle at Rs 5,313.15 apiece on the BSE. During the day, it dropped 2.99 per cent to Rs 5,256.

On the NSE, it lost 2.08 per cent to Rs 5,307. Intra-day, shares of the firm declined 3.49 per cent to Rs 5,230.50.

InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday sold a 5.7 per cent stake in the airline for about Rs 11,559 crore (USD 1.36 billion) through a block deal, according to sources.

Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has also participated in the transaction in the country's largest airline IndiGo, the sources said.

Before the latest transaction, Gangwal and the family trust together owned about 13.5 per cent stake in IndiGo.

As per the latest block deal, up to 2.21 crore equity shares were sold at a final price of Rs 5,230.50 per share, as per a revised term sheet seen by PTI.

The sources said 2.21 crore shares amount to around 5.7 per cent stake in the company, and the offer size, based on the final price, is pegged at nearly USD 1.36 billion or about Rs 11,559 crore.