Gangwal to sell shares worth $804 million in IndiGo

Rakesh Gangwal, co-founder of InterGlobe Aviation, plans to sell shares worth up to $804 million in the company through a block deal on Thursday. The floor price has been set at ₹4,593 per share, reflecting a 5.5% discount to Wednesday's closing price of ₹4,859.

Gangwal, along with his wife Shobha Gangwal and their family trust — who are all part of the promoter group — held nearly a 34% stake in the airline as of December last year.

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After stepping down from the board in February 2022, Gangwal announced his intention to gradually reduce his holdings. Shobha Gangwal has since fully exited the airline.

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Earlier this year, Gangwal sold a 5.8% stake in the budget carrier, raising ₹6,786 crore through the open market. As of June 2024, Rakesh Gangwal held a 5.89% stake in IndiGo, while The Chinkerpoo Family Trust, managed by his family, holds a 13.49% stake.

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