India: PE firm Westbridge Capital acquires IndiGo shares worth $74.5m

An IndiGo Airlines A320 aircraft is parked on the tarmac at Rajiv Gandhi International Airport in Hyderabad March 7, 2012. REUTERS/Vivek Prakash

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%.

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.

This article was first published on livemint.com.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.