IndiGo Denies Report Of Stake Sale By Co-Promoter Rahul Bhatia

InterGlobe Aviation Ltd. on Monday dismissed media reports claiming co-promoter Rahul Bhatia was planning to sell up to 4% stake in the company. In a statement, the airline called the reports "speculative" and lacking factual basis.

"InterGlobe Enterprises is firmly committed to overseeing IndiGo’s long-term plans, and the airline’s next phase of growth remains our primary focus," the company said.

Some media outlets had reported that Bhatia was aiming to raise around ₹86 billion through a block deal, which would have marked his second stake sale in the airline. Last June, he had sold 2% stake in InterGlobe Aviation, raising ₹33.67 billion.

InterGlobe Enterprises currently holds a 35.7% stake in the low-cost carrier. In May, co-founder and promoter Rakesh Gangwal offloaded 5.7% stake in the company via a block deal.