IndiGo promoter Rakesh Gangwal may sell Rs 10,300 crore equity stake, block deal size raised: CNBC-TV18

IndiGo's co-founder and promoter Rakesh Gangwal may sell equity stake worth as much as Rs 10,300 crore in the parent firm Interglobe Aviation, reported CNBC TV18, citing sources. This is bigger than the Rs 6,750 crore (or over $800 million reported earlier on 28 August.

Back of the envelope calculations show that at Rs 10,300 crore, the family may offload about 5.5 percent equity stake. The Gangwal family has increased the size of the planned block deal, reported CNBC-TV18.

The block deals are likely to be executed at an indicative price of Rs 4,593 per share. This is at a 5.5 percent discount to the previous closing price.

Gangwal holds 5.89 percent in IndiGo as of June 2024, while wife Shobha Gangwal and JPMorgan Trust of Delaware hold 13.49 percent, taking their combined holding to 19.38 percent. The stake sale is part of the Gangwal family's plans to reduce their holding in IndiGo over due course. Rakesh Gangwal had resigned from the board of directors of InterGlobe Aviation back in February 2022, stating that he will gradually reduce his stake in the low-cost airline over the next five years.