Shares of InterGlobe Aviation, the parent of IndiGo Airlines, were down on Tuesday as a promoter entity was reportedly looking to offload some stake in the carrier.

What Happened: Rahul Bhatia’s promoter entity, Interglobe Enterprises, was planning to sell a stake worth $394 million (around ₹3,270 crore) in Indigo Airlines’ parent firm via a block deal, Moneycontrol reported, citing sources.

Bhatia is looking to offload around 2% stake as he looks to unlock value and pocket some returns for the first time in many years, a source told the business publication.

Interglobe Enterprises currently has a 37.75% stake in Interglobe Aviation, according to exchange filings.

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Block Deal Details: The floor price reportedly stands at ₹4,266 per share, which is a 6.5% discount to InterGlobe Aviation’s closing price of ₹4,562.55 on Monday, with Citi acting as the i-banker on the deal.

Notably, there is a lock-up period of 365 days on the seller according to deal terms, a source told the publication.

Beyond Interglobe Aviation, Rahul Bhatia also has business interests in the hotels and artificial intelligence segments, which may require additional capital, a source speculated.

In April, Bhatia launched the AI company AionOS with former Tech Mahindra managing director CP Gurunani.

Price Action: InterGlobe Aviation’s share price dropped 2.4% to ₹4,456.55 near the start of trade on Tuesday.

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