US-based financial giant Citigroup Inc., through its affiliate Citigroup Global Markets India, has acquired shares in InterGlobe Aviation Ltd., known for operating Indigo Airlines, via open market transactions. The total acquisition cost amounted to Rs 1,362 crore. This strategic move follows Rahul Bhatia’s divestment of a 2% stake in Indigo Airlines, fetching approximately ₹3,367.30 crore.
The transaction saw prominent legal advisors on both sides. JSA (J. Sagar Associates) provided legal counsel to InterGlobe Enterprises Private Limited. The JSA team was led by Partners Madhurima Mukherjee Saha and Shivali Singh, with Associate Rishika Kharbanda also playing a crucial role.
On the other hand, Citigroup Global Markets India was advised by IndusLaw. The legal team from IndusLaw included Partner Vishal Yaduvanshi, Partner Priyadarshini Rao, and Associate Abishek Sankar, who worked collaboratively to facilitate the transaction. Additionally, Allen & Overy Shearman lent their expertise in advising Citi during this significant acquisition.
This transaction marks a noteworthy shift in the shareholding pattern of Indigo Airlines, influenced by the strategic decisions of its founder, Rahul Bhatia. It demonstrates the dynamic nature of the aviation sector in India, where major financial entities continue to invest and reallocate resources strategically.
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