IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation
Mumbai: IndiGo co-founder Rakesh Gangwal plans to sell up to 12.75 million shares, or 3.3% of his stake in InterGlobe Aviation Ltd through a block deal, according to a term sheet reviewed by Mint.
The sale, estimated to be worth ₹3,730 crore ($450 million), will see the offer floor price set at ₹2,925 per share, a 5.8% discount to the last closing price of ₹3,105.7 apiece on the NSE.
Following this latest sale, Gangwal’s stake in the company will decrease to 8.42%. The promoter group’s holding will also decrease.
Morgan Stanley, JP Morgan, and Goldman Sachs are managing the sale on behalf of the promoter.
IndiGo’s stock has jumped 67.35% in the past one year, compared to a 23% gain in the benchmark Sensex in the same period.
This latest stake sale follows similar transactions by Gangwal in the past. In September 2022, he and his family sold a 2.8% stake in the airline operator for ₹2,000 crore, and in February 2024, they sold a 4% stake for ₹2,900 crore.
On 16 August, Rakesh Gangwal’s wife Shobha Gangwal, part of the promoter group, sold her entire near 3% stake in InterGlobe Aviation Ltd for ₹2,801.8 crore through a bulk deal on the BSE.
The latest block deal is part of Gangwal’s plan to gradually reduce his stake in InterGlobe Aviation.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download Finplay News App to get Daily Market Updates & Live Business News.
More
Less
Published: 07 Mar 2024, 08:34 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.