A massive block deal in InterGlobe Aviation, the parent company of IndiGo, took place on Thursday with 1.21 crore shares, or 3.13% equity, changing hands. The transaction, valued at ₹7,084.6 crore, was executed at an average price of ₹5,830 per share.
Earlier reports had indicated that IndiGo promoter Rakesh Gangwal and the Chinkerpoo Family Trust were likely to divest up to 3.1% stake in the airline for around ₹7,027.7 crore, according to a term sheet. The block deal aligns with that projection.
Gangwal, who co-founded IndiGo, has been gradually paring down his stake following a fallout with fellow co-founder Rahul Bhatia. As of June 2025, Gangwal and the Chinkerpoo Family Trust, whose trustees include Shobha Gangwal and JP Morgan Trust Company of Delaware, jointly held a 7.81% stake in the airline.
The transaction comprised the sale of up to 1.21 crore equity shares at a floor price of ₹5,808 per share, nearly 4% below IndiGo’s last closing price of ₹6,050 on Tuesday at the NSE.
Global investment banks Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company, and JP Morgan India acted as brokers to the deal. The transaction is entirely secondary in nature, with no new shares being issued. Proceeds will go directly to the selling shareholders.
The sale marks yet another step in Gangwal’s phased exit from the airline, India’s largest carrier by market share.
