Rakesh Gangwal, one of the co-founders of IndiGo and part of the promoter family, is set to sell about 1.2 crore shares of InterGlobe Aviation (IndiGo’s parent company). This amounts to 3.1% of the company’s equity and is valued at ₹7,028 crore ($801 million).
The sale will be carried out through a block deal on Thursday at a floor price of ₹5,808 per share, which is about 4% lower than IndiGo’s last closing price of ₹6,045. The deal will be managed by Morgan Stanley, Goldman Sachs, and JP Morgan.
Gangwal has been gradually selling his stake in IndiGo since September 2022, after settling a dispute with co-founder Rahul Bhatia. This will be his seventh stake sale in the airline since then.
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As per rules, after this deal, Gangwal and his family will not be allowed to sell any more IndiGo shares for the next 150 days.
Despite Gangwal’s repeated stake sales, IndiGo’s share price has tripled in the past three-and-a-half years—from ₹1,807 in March 2022 to ₹6,045 on Tuesday.
