HBI Staff | Hyderabad 
Rahul Bhatia-owned InterGlobe Enterprises (IGE) announced on Tuesday the sale of a 2% stake in InterGlobe Aviation (IndiGo) via a block deal, raising approximately Rs 3,400 crore. This move aims to fund the expansion of its hospitality business and other ventures.
IGE sold 7.72 million shares of India’s largest airline, leading to a 4.26% drop in IndiGo’s share price, which closed at Rs 4,368 apiece on Tuesday. Citigroup purchased 3.1 million shares for Rs 1,362 crore, while the names of the other buyers were not disclosed.
To reassure shareholders, IGE stated that the “Rahul Bhatia-related promoter group” will remain IndiGo’s largest shareholder following the sale. Rahul Bhatia will continue as Promoter and Managing Director, guiding IndiGo’s strategic direction alongside CEO Pieter Elbers.
As of March, IGE held a 37.71% stake in IndiGo, which operates a fleet of around 370 aircraft. The proceeds from the sale will be used to scale up IGE’s hospitality business, InterGlobe Hotels—a joint venture with Accor managing 21 Ibis Hotels across India—and other incubating ventures.
“The strong response from both existing and new investors highlights IndiGo’s competitive strength and long-term prospects,” said Rahul Bhatia, group managing director of IGE. “IndiGo is a standout success, and I am immensely proud of our company’s journey so far. I remain very excited to oversee IndiGo’s next phase of growth as India continues to be the fastest-growing aviation market globally. We have the right strategy and management team to capture this opportunity.”
