Interglobe Enterprises Private Ltd, Rahul Bhatia's promoter, intends to sell a $394 million share in Interglobe Aviation, the parent company of Indigo Airlines, through a block sale, according to various people with knowledge who spoke to Moneycontrol under anonymity.
"The agreement has been made, and Bhatia wants to sell off about two percent of the company. Regarding the individuals mentioned above, it is the first time in a long time that he is attempting to unlock value and pocket some profits.
Based on market records, Interglobe Enterprises Private Ltd now has a 37.75 percent position in Interglobe Aviation. The previous six months have seen a 55.66 percent increase in the company's shares.
According to a second source, InterGlobe Aviation's closing price of Rs 4562.55 per share, with Citi serving as the i-banker on the deal, is 6.5 percent lower than the floor price of Rs 4266/share.
Crucially, a third party said that the purchase conditions impose a 365-day lock-up period on the seller.
The third individual went on to say that in addition to Interglobe Aviation, Rahul Bhatia has commercial interests in hotels and the artificial intelligence space, both of which might need more funding.
In April, Bhatia and former Tech Mahindra MD CP Gurunani created the AI startup AionOS. A copy of the planned block deal's termsheet has been seen by Moneycontrol.
Citi and Interglobe Aviation were not immediately available for comment. Moneycontrol has emailed the firms, and as soon as it gets back from them, it will update this story.
