The term sheet indicates that the seller is InterGlobe Enterprises Private Ltd, through which Rahul Bhatia, one of the company’s promoters, held a 37.91% stake in the company as of March 2024, according to BSE filings. Together, the Bhatia and Gangwal Families hold a 57.29% stake in InterGlobe Aviation. Following the block deal, there will be a lock-up period of 365 days for the seller, according to the term sheet.
The sellers are offering 7.71 million shares for sale, at a price ranging from ₹4,266 to ₹4,562.55 per share, the closing price on Monday. Citigroup is the banker for the deal.
Interglobe Enterprise (IGE) and IndiGo didn’t respond to queries sent Monday evening. People aware of the development said that IGE will invest the money in hospitality business, primarily to increase presence in Europe.
In December last year, InterGlobe Enterprises announced the introduction of a new lifestyle hotel brand, Miiro, to launch a collection of individually designed hotels in European cities. The chain will make its debut this summer in Paris and Barcelona, with more European markets in plan.
