Gangwal Family to Sell 3.1% Stake in IndiGo Through Block Deals Worth ₹7,020 Crore

Gangwal Family to Sell ₹7,020 Crore Stake in IndiGo via Block Deals.

The family of IndiGo co-founder Rakesh Gangwal will sell a 3.1% stake in InterGlobe Aviation worth about $801 million (₹7,020 crore) through block deals. The shares are being offered at ₹5,808 apiece, nearly 4% below the prevailing market price. As of June 2024, the Gangwal family held 7.81% in the airline, split between Gangwal’s direct holding of 4.73% and 3.08% via the Chinkerpoo Family Trust.

Goldman Sachs, Morgan Stanley, and JPMorgan are advising on the transaction. The move continues Gangwal’s gradual exit from IndiGo after he resigned from the board in 2022, when his family owned close to 37%. Since then, he has offloaded stakes in multiple tranches, including a 5.7% sale worth $1.36 billion in May 2024.

As part of the latest deal, the family has agreed to a 150-day lock-up period on further sales.