Westbridge Capital buys 1.41% stake in InterGlobe Aviation for Rs 559 crore
IGA's shares closed at Rs 1,034.65 on the BSE on August 12, 10.06 percent higher than the previous close.
Aug 13, 2020 / 09:06 AM IST
Private equity firm Westbridge on August 12 purchased a 1.41 percent stake in IndiGo operator InterGlobe Aviation (IGA) for nearly Rs 559 crore.
Jwalamukhi Investment Holdings, a unit of Westbridge Capital, bought 5,434,527 shares from Kotak Mahindra (International) for Rs 1,028 per share, according to block deal data available on the BSE website.
IGA's shares closed at Rs 1,034.65 on the BSE on August 12, 10.06 percent higher than the previous day's close. The stock has fallen around 22 percent since the start of 2020.
Also read: IndiGo operator InterGlobe reports Rs 2,844.3 crore loss in Q1
On August 10, IGA announced its plan to raise Rs 4,000 crore ($533.70 million) through a qualified institutional placement.
The company on July 29 reported a net loss of Rs 2,844.3 crore for the first quarter of FY21. It had reported a net profit of Rs 1,203.1 crore during the same period last year.
"Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results," the company said in a statement.