Free stock tips : IndiGo's promoters Rakesh Gangwal & Rahul Bhatia defended the airline company's move to declare a generous dividend ahead of its IPO(initial public offering) as being in line with a practice it has followed over the years, but admitted that the "optics" of the move were "not good." Analysts & investment advisors have been harshly crucial about the move, especially since it left India's most profitable airline with a negative net worth of Rs 139.4 cr. for a brief while.
Gangwal, former CEO of US Airways Group, did most of the talking during the meeting with ET. Based mostly in the US(United States), he visits Kolkata along with his wife at the time of Durga Puja festival every year. That time he detoured through Mumbai to meet the investment community as part of the IPO road show. The dividend payment of Rs 1,207.08 crore for the year ended March wasn't unusual behaviour.
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