IndiGo co-founder Rakesh Gangwal and the Chinkerpoo Family Trust plan to sell a 3.1 per cent stake in InterGlobe Aviation Ltd, which operates IndiGo, through a block deal worth about ₹7,027 crore, according to a CNBC-TV18 report.
The shares are being offered at a floor price of ₹5,808 apiece, deal terms showed. This is at a nearly 4 per cent discount to the company’s closing price of ₹6,044.75 on Tuesday. The sellers have agreed to a 150-day lock-up period on any further share sale.
Gangwal and the promoter entity had offloaded up to a 3.4 per cent stake in May. Since resigning from InterGlobe’s board in February 2022, Gangwal has gradually reduced his equity holding, in line with his plan to exit the company over five years after a feud with co-founder Rahul Bhatia over governance concerns.
Since 2022, Gangwal and his family have raised more than ₹45,300 crore from stake sales. These include a 2.74 per cent stake sold for ₹2,005 crore in September 2022, a 4 per cent stake sold by his wife Shobha for ₹2,944 crore in February 2023, and a nearly 2.9 per cent stake sold for a little over ₹2,800 crore in August the same year.
In August 2024, the family trust sold a 5.2 per cent stake for ₹9,549 crore. The latest block deal will leave Gangwal and his family a residual 4.78 per cent stake in the airline, valued at about ₹11,169 crore.
