Interglobe Aviation Gains Over 8% For The Second Consecutive Day

On Thursday, shares of Interglobe Aviation Ltd, the parent of IndiGo Airlines, rose 8.7 percent to touch an intraday high of Rs 1,125 apiece.

A Bloomberg report said that Jwalamukhi Investment Holdings acquired 54.35 lakh shares of the airline in a large trade on Wednesday, amounting to 1.41 percent stake at Rs 1,028 per share. The shares were sold by Kotak Mahindra (International), as per data available on the exchanges.

On Wednesday, shares of the airlines were up 10 percent at Rs 1,034 on BSE after Business Line reported that the airline was in talks with two lessors for 'sell and leaseback' of 12 ATR 72-600 and its engines. The airline is hoping to raise about Rs 2,000 crore through this, it said.

The report citing people privy of the information said that the talks have been on with at least two lessors, including Aergo Capital and DAE. These sources told Business Line that each of these aircraft is likely to generate $18-20 million.

The budget airline owns 25 ATRs out of its 274 aircraft fleet.

After the disruption in its operations due to the pandemic, IndiGo has had to take harsh steps, which include salary cuts, to meet cash needs.