IndiGo Stake Sale: Rakesh Gangwal, co-founder of IndiGo, India’s biggest airline, is believed sold around 2.6 crore shares or 6.7 per cent equity in a block deal worth over Rs 7,000 crore of the airline in a large block deal on Monday.
The official buyers and sellers in the transaction are not known yet.
Earlier CNBC-TV18 had reported that Rakesh Gangwal, the promoter of InterGlobe Aviation, the parent company of IndiGo Airlines, was to sell up 5.8 per cent stake in the airline.
The size of the stake sale had been raised from 3.3 per cent to 5.8 per cent and the total size of the block deals was likely to be Rs 6,581 crore, sources told CNBC TV18. The floor price was set at Rs 2,925 per share, with a 5.8 per cent discount to CMP, the sources said.
As of December 2023, Gangwal held 25.2 per cent stake in InterGlobe Aviation. The sources said that after the stake sale, his holding would reduce to 19.4 per cent. There would be a 150-day lock-in period for further stake sale in the aviation company.
Gangwal had relinquished his position on Interglobe Aviation’s board in February 2022 and had unveiled plans to gradually reduce his family’s stake.
Previously, in February, the Gangwal family had divested a 4 per cent stake in Interglobe Aviation for Rs 2,900 crore. Subsequently, in September, they sold a 2.8 percent stake valued at Rs 2,000 crore.
The most recent block deal occurred in August 2023, marking the largest one yet, with the Gangwals offloading shares worth $450 million.
While the stock fell initially, it traded around 2 per cent higher at Rs 3,156 on BSE in the late morning session.
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