InterGlobe Aviation promoter Rakesh Gangwal and his family trust will offload another 3.4% stake worth at least Rs 6,831 crore in the airline on Tuesday, according to sources. Currently, Gangwal and the family trust together hold about 13.5% in IndiGo.
Under the proposed transaction, up to 1.32 crore equity shares will be sold at a floor price of Rs 5,175 per share. The floor price is at a 4.5% discount compared to the closing price of Rs 5,420 per share on Monday.
Investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company and J P Morgan India are the placement agents for the fresh stake sale.
Gangwal, who co-founded India’s largest airline IndiGo, has been offloading his stake in a phased manner following a bitter fallout with co-founder Rahul Bhatia over alleged corporate governance issues. The share sale is part of Gangwal's decision in February 2022 to trim his shareholding in the airline. He sold a 5.24% stake in InterGlobe Aviation in August last year for Rs 9,549 crore.
The fresh offloading will be the sixth time in less than 3 years when Gangwal would be reducing his holding in the airline. The stake sale again comes when IndiGo shares continue to hit new highs. So far in 2025, IndiGo shares have risen by 18%.
Last week, IndiGo reported a profit of Rs 3,067.5 crore for the quarter ended March on the back of strong domestic travel demand. The company had posted a net profit of Rs 1894.8 crore in the year-ago period.