NEW DELHI: Rakesh Gangwal and family are likely to sell shares up to $450 million (Rs 3,735 crore) in Interglobe Aviation, parent company of IndiGo, through a block deal on Wednesday, as per sources familiar with the development.
The floor price for the sale by the Gangwals has been kept at Rs 2,400 apiece, about 6% lower than the current market price. IndiGo shares closed 1.30% higher at 2,547.50 apiece on the BSE on Monday.
Global banks Morgan Stanley, JPMorgan, and Goldman Sachs are said to be investment banks advising the family on the block deal.
In June it was rumoured that the Gangwal family was looking to offload a 5-8% stake. However, this deal never took place.
As per exchange data, Gangwal and his wife, Shobha Gangwal, held a 13.23% stake and 2.99% stake, respectively, in the airline while their Chinkerpoo Family Trust held a 13.5% stake. This takes the family’s holding to a little less than 30%.
Gangwal and family, after ending a long dispute with co-founder Rahul Bhatia last year, sold a 2.75% stake in September 2022 for about Rs 2,000 crore.
Then they sold a 4.17% stake worth Rs 2,900 crore in February 2023.
Gangwal resigned from the IndiGo board in February 2022.
Gangwals have put up 1.56 crore shares as part of the sale, about 4% of the total outstanding shares in IndiGo.
Gangwal and Bhatia, who co-founded IndiGo in 2006, got involved in a public dispute in 2019 when the former blamed Bhatia and related entities for a lack of corporate governance and a clause in the company’s article of association that prevented co-founders from buying publicly-listed shares in InterGlobe.