Gangwal family may sell IndiGo stake worth ₹3,730 crore via block deal: Report
IndiGo Airlines' promoter Gangwal family is all set to sell its shares worth ₹3,730 crore through a block deal on 16 August, reported ET citing the term sheet. According to the report, the family has put 15.6 million shares on the block with a floor price of ₹2,400 per share, which is a 5.8 percent discount to the closing price of Monday. The deal's lenders are Morgan Stanley, JPMorgan, and Goldman Sachs.
The Gangwal family owned 29.72 percent of IndiGo Airlines by the end of June 2023, as per BSE records, however, promoters held a total of 67.77 percent of the firm. ALSO READ: IndiGo Q1 Results: Airline back-to-black, reports net profit at ₹3,090 crore, revenue up 30% YoY Looking at the current market pricing, the total stake of the Gangwal family is valued at ₹29,218 crore, and Indigo has a market capitalization of ₹98,313 crore. In June 2022, the Gangwal family held 36.66 percent and since then, Rakesh Gangwal has been pruning his stake.
In February, he resigned from IndiGo's board and said he would sell his stake over the next five years. Indigo on 2 August announced the results for the June quarter and said that it reported a net profit of ₹3,090 crore for Q1 of the financial year 2023-24, which is its highest-ever quarterly net profit. The low-cost airline had reported a net loss of ₹1,064.2 crore in the corresponding period of the previous year (Q1FY23), it said in a regulatory filing.
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