IndiGo co-promoter Rakesh Gangwal's wife to offload 4% stake via block deal

IndiGo had reported a 1,000% surge in Q3 FY23 net profit

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26 Aug, 2025 12:21

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Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, will sell shares amounting to a four percent stake in the aviation company via a block deal, CNBC TV-18 reported on February 15, citing sources.

The block deal, as per the report, has been launched for 1.56 crore shares. The total deal size is of Rs 2,930 crore, the source who are privy to the development said.

The maximum discount will be up to 5.6 percent of the current market price, the sources added, further noting that the floor price has been set at Rs 1,875 per share.

Goldman Sachs is the banker assigned to broker the block deal, CNBC TV-18 reported. There will be a 150-day lock-up period post-block deal for the investors, it added.

IndiGo's promoter and promoter group presently hold a total of 71.92 percent stake or 27.72 crore shares in the company, as per the shareholding pattern disclosed with the BSE.

Rakesh Gangwal, along with Rahul Bhatia, had co-founded IndiGo airlines in 2006. In February last year, Gangwal resigned from the board of directors, and had announced that he would gradually reduce his stake in the company.

In September, Gangwal and his wife had offloaded a 2.74 percent stake in InterGlobe Aviation, the parent firm of IndiGo, for Rs 2,005 crore through open market transactions.

The shares of Interglobe Aviation settled at Rs 1,986 apiece at the market closing hours of February 15. The closing price was 2.5 percent lower as against the previous day's close.

The block deal comes days after the company reported a 1,000 percent surge in net profit during the third quarter of fiscal year 2022-23.

The airline's profit came in at Rs 1,422.6 crore in Q3 FY23 as against a profit of Rs 129.8 crore in the year-ago period. Revenue from operations surged 61 percent to Rs 14,932 crore in the third quarter as against Rs 9,294 crore a year ago.