IndiGo co-founder and promoter Rakesh Gangwal has increased the size of his block deal to sell shares in InterGlobe Aviation, the airline’s parent company, from an initial Rs. 6,750 crore to Rs. 10,300 crore. Gangwal plans to offload up to 2.25 crore shares, or 3.8% of IndiGo’s equity, at a discounted indicative price of Rs. 4,593 per share.
The block deal, which is part of Gangwal’s long-term plan to gradually reduce his stake in India’s largest airline, is being executed at a price that’s nearly 6% below IndiGo’s last closing price of Rs. 4,859.2. As of June 2024, Gangwal held a 5.89% stake in IndiGo, while his family trust, The Chinkerpoo Family Trust, held an additional 13.49% stake.
This is the latest in a series of stake sales by Gangwal in IndiGo. In the past year alone, he has offloaded shares worth Rs. 6,786 crore through open market transactions. The co-founder’s decision to further pare down his holding comes as IndiGo shares have rallied nearly 95% in the last year, reaching a record high.
