IndiGo co-founder Rakesh Gangwal is reportedly considering to sell up to 5.8 percent stake in Interglobe Aviation, the airlines' parent company, higher than an earlier plan of 3.3 percent, CNBC-TV18 reported on March 8 citing sources.
The proposed equity sale aims to raise nearly Rs 6,600 crore, with a floor price set at Rs 2,925 per share, according to the report.
Moneycontrol could not independently verify the report.
On March 7, Moneycontrol reported, based on information from individuals with knowledge of the matter, that Gangwal is considering selling a 3.3 percent stake in Interglobe Aviation.
Gangwal and his family trust collectively own around 25 percent of Interglobe Aviation, according to the latest exchange data.
Gangwal stepped down from Interglobe Aviation’s board in February 2022 and announced plans to dilute his family’s stake in a phased manner.
In February, the Gangwal family sold a 4 percent stake in Interglobe Aviation for Rs 2,900 crore, and later, in September, they sold a 2.8 percent stake worth Rs 2,000 crore. The next block deal came in August 2023, and this was the biggest yet, with the Gangwal’s selling shares worth $450 million.
The Interglobe Aviation stock price has risen by 25 percent in the past six months.
In August 2022, KKR sold its entire stake of around 27 percent 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.
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