IndiGo co-founder Rakesh Gangwal plans to sell a 3.3 percent stake in Interglobe Aviation to raise around $450 million, multiple people familiar with the development said on the condition of anonymity.
"The offer floor price for the proposed block deal is Rs 2,925 per share with a 5.8 percent discount to the last close price," one of the people said.
Morgan Stanley, JP Morgan and Goldman Sachs are the investment banks advising Gangwal on the transaction, a second person added.
Moneycontrol has reviewed a copy of the deal termsheet. We could not elicit an immediate comment from Rakesh Gangwal and the investment banks
Rakesh 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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