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Rakesh Gangwal to sell 3.1 percent stake in InterGlobe Aviation via block deals, marking another step in his IndiGo exit.
IndiGo shares in focus as co-founder Rakesh Gangwal to offload a 3.1% stake via block deals.
IndiGo Share Price: IndiGo Airline shares will remain in focus today, August 28, as co-founder Rakesh Gangwal is set to sell a 3.1% stake in InterGlobe Aviation, valued at about $801 million (Rs 7,020 crore), through block deals.
The shares are being offered at Rs 5,808 apiece, nearly 4% lower than the prevailing market price, according to a report of Economic Times. As of June-end, the Gangwal family held 7.81% in the budget airline, comprising 4.73% directly by Gangwal and 3.08% through the Chinkerpoo Family Trust.
Goldman Sachs, Morgan Stanley, and JPMorgan are acting as bankers to the transaction, according to reports.
This stake sale marks another step in Gangwal’s phased exit from IndiGo, which began after he resigned from the board in February 2022. At that point, Gangwal and his related entities held nearly 37% in the company. Since then, he and his wife, Shobha Gangwal, have consistently sold their stake through multiple block deals.
As per the deal terms, the family has agreed to a 150-day lock-up period on further share sales, ET reported.
In May this year, Gangwal sold a 5.7% stake in IndiGo worth $1.36 billion, while earlier rounds in 2022 and 2023 also saw gradual trimming of their holding.
In other news, CAE Simulation Training Pvt Ltd (CSTPL), a joint venture between InterGlobe Enterprises and CAE, has announced the opening of a new pilot training centre in Mumbai.
The 44,000-square-foot facility will accommodate up to six full-flight simulators (FFS) and is scheduled to begin operations in the first quarter of 2026 with two Airbus A320 simulators.
Civil aviation minister Ram Mohan Naidu recently noted that India will require 30,000 new pilots over the next two decades, a sharp rise from the current 7,000 pilots in the workforce.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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