Overview

• Up to 1.21 crore shares changed hands at a floor price of Rs 5,808 apiece, valuing the sale at roughly Rs 7,020–7,085 crore at a 3–4% discount to the prior close.
• Goldman Sachs, Morgan Stanley and JPMorgan handled the fully secondary transaction executed through exchange block deals.
• Following the sale, the combined holding of Rakesh Gangwal and the Chinkerpoo Family Trust drops to about 4.7–4.8% from 7.8%.
• Vendors agreed to a 150-day lock-up, with a one-time option for a negotiated transfer of at least $300 million at or above the offer price if the buyer accepts the lock-up.
• Shares of InterGlobe Aviation fell about 4–5% intraday on heavy turnover as the block traded, with volumes far above recent averages.