InterGlobe Aviation trades flat after Rakesh Gangwal sells stake worth Rs 6785 cr in aviation firm? Who is buyer?

InterGlobe Aviation Share Price: The stock of InterGlobe Aviation, the parent company of IndiGo, was trading flat in morning deals on BSE on Tuesday (March 12, 2024) after its promoter Rakesh Gangwal sold his 5.83 per cent shares in the company.

The stock was trading flat at Rs 3214.85 at 9:34 am on Tuesday.

The stock that closed at Rs 3214.25 on Monday evening opened at Rs 3218.55 on Tuesday morning to go to the day's high of Rs 3251.25. Its day's low is Rs 3212.50. 

Gangwal sells stake

Gangwal on Monday sold his 5.83 per cent stake, or 2.25 crore shares, worth Rs 6785 crore in the company.

The share was priced at Rs 3016 in the deal.

After the deal, Gangwal's stake in the company is reduced from 11.72 per cent to 5.89 per cent.

Who is the buyer?

Morgan Stanley Asia (Singapore) bought 21 lakh shares, or 0.54 per cent stake, worth Rs 633 crore, at a share price of Rs 3015.1.