IndiGo’s stake to be sold by the Gangwal family in a block deal for $450 million

According to industry sources, IndiGo Airlines co-founder Rakesh Gangwal and his family are considering selling shares worth $450 million (Rs 3,730 crore) through a block deal on Wednesday.

With a floor price of Rs 2,400 per share, or 5.8% less than the closing price on Monday, the Gangwal family has listed 15.6 million shares for sale.

Morgan Stanley, JP Morgan and Goldman Sachs are advising the Gangwal family on the deal. 

In September 2022, Rakesh Gangwal began the process of selling his share of IndiGo. He announced in February of that year that he would sell all of his shares of IndiGo over a five-year period and resigned as a non-executive, non-independent director from the InterGlobe Aviation board.

The company’s board had then unanimously approved the appointment of co-founder Rahul Bhatia as the managing director.

“I have been a long-term shareholder in the company for more than 15 years and it’s only natural to someday think about diversifying one’s holdings,” Gangwal had said in his resignation letter then.

Source: Media Reports