Private equity firm Westbridge Capital on Wednesday bought a 1.41% stake in InterGlobe Aviation Ltd, which runs India’s biggest airline IndiGo, for ₹559 crore through an open market transaction.
As per the block deal data on the BSE, Jwalamukhi Investment Holdings, an arm of Westbridge Capital, bought 5.43 million shares from Kotak Mahindra (International) Ltd at an average price of ₹1,028 apiece.
InterGlobe Aviation reported a net loss of ₹2,844.3 crore for the quarter ended June 2020 against a net profit of ₹1,203.10 crore for the same period last year. Revenue from operations fell 91.9% to ₹766.7 crore for the June quarter over ₹9420.06 crore for the corresponding quarter last year.
From the beginning of the year, InterGlobe Aviation has fallen 22% against a drop of 7% in the benchmark index, Sensex. From March lows, the stock gained 35% while Sensex was up 50%.
Earlier this week, the board of directors of InterGlobe Aviation Ltd approved raising up to ₹4,000 crore through a qualified institutional placement offering.
Shares of InterGlobe Aviation on Wednesday ended at ₹1,034.65 on the BSE, 10.06% higher than the previous close, while the benchmark index, Sensex fell 0.10% to close at 38369.63 points
