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Rakesh Gangwal has likely sold 3.1% stake in InterGlobe Aviation via block deals, marking another step in his IndiGo exit.
IndiGo shares in focus as co-founder Rakesh Gangwal to offload a 3.1% stake via block deals.
IndiGo Share Price: Shares of InterGlobe Aviation, the parent of budget carrier IndiGo, on Thursday declined by over 5.34%, as co-founder Rakesh Gangwal likely sold a 3.1% stake in the company through block deals.
According to reports, around 3.1% equity exchanged hands via the block deal route. This amounts to 1.2 lakh shares, worth Rs 7,085 crore at an average price of Rs 5,830 per share.
Earlier, reports noted that the Rakesh Gangwal family plans to sell up to 3.1% stake in InterGlobe Aviation through block deals estimated at about Rs 7,020 crore, according to a CNBC Awaaz report citing sources. The block was expected to be at a floor price of Rs 5,808 per share, which is around 4% lower than the last session’s closing price.
As of June-end, the Gangwal family held 7.81% in the budget airline, comprising 4.73% directly by Gangwal and 3.08% through the Chinkerpoo Family Trust.
Goldman Sachs, Morgan Stanley, and JPMorgan are acting as bankers to the transaction, according to reports.
This stake sale marks another step in Gangwal’s phased exit from IndiGo, which began after he resigned from the board in February 2022. At that point, Gangwal and his related entities held nearly 37% in the company. Since then, he and his wife, Shobha Gangwal, have consistently sold their stake through multiple block deals.
As per the deal terms, the family has agreed to a 150-day lock-up period on further share sales, The Economic Times has reported.
In May this year, Gangwal sold a 5.7% stake in IndiGo worth $1.36 billion, while earlier rounds in 2022 and 2023 also saw gradual trimming of their holding.
In other news, CAE Simulation Training Pvt Ltd (CSTPL), a joint venture between InterGlobe Enterprises and CAE, has announced the opening of a new pilot training centre in Mumbai.
The 44,000-square-foot facility will accommodate up to six full-flight simulators (FFS) and is scheduled to begin operations in the first quarter of 2026 with two Airbus A320 simulators.
Civil aviation minister Ram Mohan Naidu recently noted that India will require 30,000 new pilots over the next two decades, a sharp rise from the current 7,000 pilots in the workforce.
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A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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