Shares of InterGlobe Aviation, the parent company of IndiGo, slipped 4% to ₹5,808 on Wednesday, August 28, after reports of a likely block deal hit the markets. According to sources, co-founder Rakesh Gangwal and the Chinkerpoo Family Trust are planning to divest up to 3.1% equity in the airline.
The proposed block deal, initially sized at $800 million, has reportedly been downsized to $500 million due to weak demand and tepid response from domestic institutional investors (DIIs). The deal is expected to be executed at a floor price of ₹5,808 per share, representing a discount of nearly 4% to Tuesday’s NSE closing price of ₹6,050.
As per exchange data for June 2025, Gangwal and the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, collectively hold a 7.81% stake in IndiGo. The proposed sale will comprise up to 12.1 million shares (1.21 crore shares).
Brokerage firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company, and JP Morgan India are managing the transaction. The deal comes as part of Gangwal’s ongoing phased exit from IndiGo following his fallout with co-founder Rahul Bhatia.
This potential block deal, though not yet officially confirmed, has triggered nervousness in the market, leading to heavy selling pressure on the stock.
