“FTSE has now formally announced a revision in Indigo’s float, with the adjustment set for September 3. This change is expected to bring an inflow of $35 to 40 million, approximately 0.6 million shares, with an estimated impact of 0.4 days (excluding block day volume in the 20-day average),” Nuvama Alternative’s Abhilash Pagaria said.
Later on, MSCI is also expected to make an adjustment, which could lead to an inflow of $40-50 million, he said.
Global indices raised weightage as free float is expected to increase to the maximum foreign float limit of 49% following promoter stake sale.
Shares of IndiGo were trading marginally lower at Rs 4,812 on BSE this morning.Last week, Rakesh Gangwal sold 22.50 lakh shares of InterGlobe Aviation and the Chinkerpoo Family Trust disposed of more than 2.02 crore scrips of the airline.After the share sale, Gangwal’s stake in InterGlobe Aviation has come down to 5.31 per cent from 5.89 per cent, while the Chinkerpoo Family Trust’s stake has declined to 8.24 per cent from 13.49 per cent, according to regulatory filings.Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in the airline. Amid differences with co-founder Bhatia, Gangwal, in February 2022, resigned from the board of directors of InterGlobe Aviation, saying he would gradually reduce his equity stake in the airline over the next five years.
IndiGo is the country’s largest airline with a domestic market share of 62 per cent and is also expanding its international operations. The budget carrier is all set to introduce business class seats in November and will also be inducting wide-body planes from 2027.
Also read | Block deals worth over Rs 43,068 crore this week. HDFC Bank, Indigo, RVNL among stocks with major action
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