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Shares of InterGlobe Aviation Ltd, IndiGo’s parent company, plunged more than 4% in trading today on reports that Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, may sell a four percent interest in the aviation firm in a block deal.
IndiGo shares fell 4.48% to ₹1,897.00, down from a previous closing of ₹1,912.05 on the NSE. The aircraft company’s market capitalisation was ₹73,346 crore.
This is the Gangwal family’s second share sale in InterGlobe Aviation, after the sale of a 2.8% interest in the domestic airline for around $250 million in September of last year.
According to sources, the block sale has been launched for 1.56 crore shares. Shobha Gangwal’s offer floor price for the transaction has been established at ₹1,875 per share.
The price is 5.6% lower than InterGlobe’s Wednesday closing price.
According to sources, there is a 150-day lockup period following the block deal.
At the floor price, the Gangwal family would receive ₹2,930 crore ($353 million).
Rakesh and Shobha Gangwal own 13.23% and 7.04% of InterGlobe, respectively, while their Chinkerpoo Family Trust owns 13.50%.
The Gangwals sold a 2.75% interest in September 2022, seven months after Rakesh Gangwal resigned from the company’s board and announced a five-year plan to reduce his ownership in the airline.
About 37.8% of IndiGo is owned by Bhatia and his family organisations.
