IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation
Mint. The sale, estimated to be worth ₹3,730 crore ($450 million), will see the offer floor price set at ₹2,925 per share, a 5.8% discount to the last closing price of ₹3,105.7 apiece on the NSE.
Following this latest sale, Gangwal's stake in the company will decrease to 8.42%. The promoter group's holding will also decrease.
Morgan Stanley, JP Morgan, and Goldman Sachs are managing the sale on behalf of the promoter. IndiGo's stock has jumped 67.35% in the past one year, compared with a 23% gain in the benchmark Sensex in the same period.
This latest stake sale follows similar transactions by Gangwal in the past. In September 2022, he and his family sold a 2.8% stake in the airline operator for ₹2,000 crore, and in February 2023, they sold a 4% stake for ₹2,900 crore.
On 16 August, Rakesh Gangwal's wife Shobha Gangwal, part of the promoter group, sold her entire near 3% stake in InterGlobe Aviation Ltd for ₹2,801.8 crore through a bulk deal on the BSE. The latest block deal is part of Gangwal's plan to gradually reduce his stake in InterGlobe Aviation.Milestone Alert!
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