Shares of InterGlobe Aviation, which operates Indigo, rallied 5% on 11 March after 2.6 crore shares of the company changed hands in a block deal.

Around 2.6 crore shares of the company, representing 6.7% stake in the country’s biggest airline changed hands taking the total value of the block deal at Rs 7,823 crore.

However, the buyers and sellers involved in this block deal are yet to be identified.

Earlier CNBC-TV18 reported that Rakesh Gangwal, the promoter of the company, was looking to sell 5.8% stake in the company. As of December 2023, Gangwal held 25.2% stake in Interglobe Aviation, reducing stake to 19.4%.

Earlier in February, Rakesh Gangwal had divested a 4% stake in the company, and subsequently, in September, he sold a 2.8% stake.

In its quarterly report for October-December, the company reported a 111% year-on-year increase to Rs 2,998.12 crore from Rs 1,422.6 crore reported in the same quarter last year. The revenue from operations for the quarter stood at Rs 19,452.15 crore, marking a 30% YoY increase from the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Indigo closed 3.52% higher at Rs 3,215.10 on NSE.