Rahul Bhatia sells 2% stake in IndiGo, to utilise proceeds for hospitality biz
₹3,360 crore.According to InterGlobe Enterprises statement, the proceeds will be used to expand its hospitality and other incubating businesses, as well as for general corporate purposes.The company confirmed that Bhatia will continue as a promoter and managing director of IndiGo, working with CEO Pieter Elbers to guide the airline's strategic direction.InterGlobe Enterprises will continue to remain the largest shareholder of IndiGo. As of March, the promoter group led by Bhatia held a 37.91% stake in the airline.
In February 2022, the group led by Indigo co-founder Rakesh Gangwal had also announced plans to further reduce its stake in the airline after divesting 19.38% in 2019. As of March, total promoter shareholding in IndiGo stood at 57.29%.IndiGo is India's largest airline with around 60.6% share in the domestic aviation market, according to the latest data from the Directorate General of Civil Aviation (DGCI).“The strong response received from both existing and new investors demonstrates the competitive strength and long-term prospects of IndiGo.
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