Interglobe Promoter Rakesh Gangwal to Sell 3.3% Stake in IndiGo for Rs 3,729 Crore
InterGlobe Aviation Ltd co-founder Rakesh Gangwal is set to sell up to 12.75 million shares, equivalent to 3.3% of his stake in the company through a block deal. The estimated value of the sale is ₹3,730 crore ($450 million), with a floor price of ₹2,925 per share, representing a 5.8% discount to the previous closing price on the NSE.
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Following this transaction, Gangwal’s ownership in the company will decrease to 8.42%, leading to a reduction in the promoter group’s holding as well. The sale is being managed by Morgan Stanley, JP Morgan, and Goldman Sachs on behalf of the promoter.
IndiGo’s stock has shown significant growth of 67.35% over the past year, outperforming the benchmark Sensex which saw a 23% increase during the same period. This move by Gangwal follows previous stake sales, including a 2.8% sale in September 2022 for ₹2,000 crore and a 4% sale in February 2024 for ₹2,900 crore.
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In a similar move, Rakesh Gangwal’s wife Shobha Gangwal recently sold her entire near 3% stake in InterGlobe Aviation Ltd for ₹2,801.8 crore in a bulk deal on the BSE.
This latest block deal is part of Gangwal’s strategy to gradually reduce his stake in the company.Interglobe Promoter Rakesh Gangwal to Sell 3.3% Stake in IndiGo for Rs 3,729 Crore.
InterGlobe Aviation Ltd co-founder Rakesh Gangwal is set to sell up to 12.75
