Gangwals to sell 3.1% in IndiGo parent via Rs 7,020-crore block deals

Mumbai: The family of IndiGo co-founder Rakesh Gangwal is set to offload a 3.1% stake in InterGlobe Aviation through block deals worth about $801 million (₹7,020 crore).

The shares are being offered at a price of ₹5,808 apiece, about 4% below the current market price, people said.

The promoters hold 7.81% in the budget airline, including 4.73% directly by Gangwal and 3.08% through the Chinkerpoo Family Trust, as of June-end.


Goldman Sachs, Morgan Stanley, and JPMorgan are bankers to the deal, the people said.

The latest transaction would mark another phase in Gangwal's gradual exit from IndiGo, which began after he stepped down from the board in February 2022. At the time, Gangwal and his related entities held about 37% in the company. Since then, both he and his wife, Shobha Gangwal, have been steadily reducing their exposure through a series of stake sales.

Gangwal's family have agreed for a 150-day lock-up period on further share sales, according to the terms.

IndiGo, and Gangwal did not respond to queries.

This May, Gangwal sold a 5.7% stake in IndiGo for about $1.36 billion via a large block deal. Earlier tranches in 2022 and 2023 also saw gradual paring of the family's holding.