IndiGo Block Deal: Gangwal, family trust to sell 3.1% stake in aviation giant for ₹7,027 crore

IndiGo co-founder Rakesh Gangwal and Chinkerpoo Family Trust will sell a 3.1% stake in InterGlobe Aviation Ltd through a block deal worth about ₹7,027 crore, according to deal terms seen by CNBC-TV18.The shares are being offered at a floor price of ₹5,808 apiece, the terms showed. This is at a nearly 4% discount to the company’s closing price of ₹6,044.75 on Tuesday. The sellers have agreed to a 150-day lock-up period on any further share sale.

Gangwal and the promoter entity had offloaded up to a 3.4% stake in May. Since resigning from InterGlobe’s board in February 2022, Gangwal has gradually reduced his equity holding, in line with his plan to exit the company over five years after a feud with co-founder Rahul Bhatia over governance concerns.

Since 2022, Gangwal and his family have raised more than ₹45,300 crore from stake sales. These include a 2.74% stake sold for ₹2,005 crore in September 2022, a 4% stake sold by his wife Shobha for ₹2,944 crore in February 2023, and a nearly 2.9% stake sold for a little over ₹2,800 crore in August the same year.In August 2024, the family trust sold a 5.2% stake for ₹9,549 crore. The latest block deal will leave the Gangwal Group with a residual 4.78% stake in the airline, valued at about ₹11,169 crore.

InterGlobe Aviation, which operates IndiGo, India’s largest airline by market share, did not immediately respond to a Reuters request for comment.

Shares of InterGlobe Aviation ended down 1.1% on Tuesday.