Gangwal family launches mega $450mn block deal in Interglobe Aviation, biggest yet

In September 2022, the family sold a tranche of 2.8 per cent worth Rs 2,000 crore and in February, sold a 4 per cent stake for Rs 2,900 crore

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26 Aug, 2025 12:21

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A mega deal is brewing at Interglobe Aviation as the Gangwal family led by Rakesh Gangwal looks to raise $450 million or around Rs 3,735 crore via a block trade, the biggest yet, in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, multiple industry sources in the know told Moneycontrol.

In September 2022, the family sold a tranche of 2.8 per cent worth Rs 2,000 crore and in February, sold a 4 per cent stake for Rs 2,900 crore. Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022 and the family holds a 29.72 per cent stake as per the latest stock exchange disclosures. When he quit the board, Gangwal said the family would dilute its stake in a phased manner.

"Yes, this big trade has been launched. The Gangwal family plans to offload around 4 per cent stake," said one of the persons above.

The offer floor price is Rs 2,400/per share, representing a 5.8 per cent discount to the last close price of Rs 2,549 per share, according to deal terms viewed by Moneycontrol.

The current market cap of Interglobe Aviation is around Rs 98,313 crore and the stock price has risen by more than 22 per cent in the last six months.

Two other persons confirmed the launch of the block deal and told Moneycontrol that Morgan Stanley, Goldman Sachs and JP Morgan are the investment banks advising the Gangwal family on the proposed transaction.

All three persons above spoke to Moneycontrol on the condition of anonymity.

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Moneycontrol has sent an email query along with reminders to Rakesh Gangwal and is awaiting a response. The i-banks could not be reached for an immediate comment.

In August 2022, KKR sold its entire stake of around 27 per cent in Max Healthcare in a single block deal for around Rs 9,290 crore, marking the largest exit for the private equity major from an Indian firm.

Also read: KKR sells its entire 27% stake in Max Health, raises Rs 9,290 crore