Rakesh Gangwal Family May Sell Stake Worth Up To $450 Million In Indigo Airlines

Rakesh Gangwal family is planning to sell shares worth nearly $450 million or approximately Rs 3735 crore in InterGlobe Aviation, parent company of Indigo airlines through block deal on August 16, 2023, according to highly placed sources.

As per the exchange data available, Rakesh Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99% stake in InterGlobe Aviation as of March 31, 2023. The family's Chinkerpoo Family Trust holds 13.5% stake in the company.

According to reports, the offer floor price for the sale by Gangwal family was fixed at Rs 2400 apiece, approximately 5.8% discount from the last trading price (August 14, 2023) of Rs 2548.35 per share.

It is worth noting that Rakesh Gangwal had resigned from Board of the company earlier last year in February. He also asserted that he would also bring down his stake in the airline in the next five years.

Meanwhile, Shobha Gangwal in February had reduced her stake by nearly 4% in InterGlobe Aviation for Rs 2944 crore via open market transaction. And, with this Shobha Gangwal's stake in the parent company reduced from 7.04% to 2.99%.