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Aviation

Westbridge Capital buys 5.43 million shares of IndiGo for 559 crore

August 13, 2020: Jwalamukhi Investment Holdings, an arm of private equity firm Westbridge Capital bought 1.41 percent stake or 5.43 million shares of InterGlobe Aviation, the parent company India’s biggest airline Indigo, from Kotak Mahindra International for Rs 559 crore at an average price of Rs 1,028 apiece.

IndiGo reported a 91% revenue fall to Rs 766 crore in the first quarter and a loss of Rs 2,844 crore in this quarter.
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IndiGo reported a 91% revenue fall to Rs 766 crore in the first quarter and a loss of Rs 2,844 crore in this quarter.

August 13, 2020: Jwalamukhi Investment Holdings, an arm of private equity firm Westbridge Capital bought 1.41 percent stake or 5.43 million shares of InterGlobe Aviation, the parent company of India’s biggest airline Indigo, from Kotak Mahindra International for Rs 559 crore at an average price of Rs 1,028 apiece.

“Shares of InterGlobe Aviation on August 12 ended at Rs 1,034.65 on the BSE, 10.06 percent higher than the previous close, while the benchmark index, Sensex fell 0.10 percent to close at 38369.63 points,” reported Livemint.

In a stock exchange filling on August 10, 2020, the company noted that the Board of Directors of lnterGlobe Aviation “has considered and approved the raising of funds for an aggregate amount not exceeding INR 4,000 crores through an issue of equity shares by way of a qualified institutions placement.”

InterGlobe Aviation reported a 91.9 percent revenue fall to Rs 766 crore in the quarter ended in June 2020 aganist Rs 9420 crore in the same quarter last year and a loss of Rs 2,844 crore in this quarter against a net profit of Rs 1,203 crore last year.

Media reports noted that the airline is in talks with two lessors to sell and lease back 12 of its ATR 72-600 aircraft and their engines.

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