Rakesh Gangwal to sell 3.3% stake in IndiGo for Rs 3,700 crore

IndiGo co-founder Rakesh Gangwal will sell up to a 3.3% stake in Interglobe Aviation, the company that owns and operates the airline IndiGo, through a block deal for an estimated Rs 3,700 crore. The shares will be sold at Rs 2,950 each, according to the terms of sale.

That is a discount of 6% to the stock’s closing price on the BSE on Thursday when it ended 1.05% lower at Rs 3,101.65.

This is a part of a planned reduction of stake by Gangwal announced in 2022.


In 2022, besides stepping down from the company’s board, Gangwal announced his decision to slowly reduce his stake in the company.

The announcement came after a two-year-long bitter battle with co-promoter Rahul Bhatia, who owns 37.8%.

The two promoters fell apart in 2019 over allegations of governance lapses, resulting in an inquiry by the Securities and Exchange Board of India and an arbitration in London.