The Gangwal family, the co-promoter of IndiGo, are likely to sell shares worth $450 million or Rs 3,700 crore through a block deal on Wednesday.
These shares are being offered at a floor price of Rs 2,400 per share which is at a discount of 5.82 per cent to the closing price of the IndiGo scrip on Monday.
Shares of Interglobe Aviation had closed at Rs 2,548.35 on the BSE.
The Gangwals will be offering 1.56 crore shares through the block deal.
Currently they hold 29.72 per cent in IndiGo which at the current market price is valued at over Rs 29,000 crore.
In February, Shobha Gangwal, the wife of Rakesh Gangwal, had sold four per cent in InterGlobe Aviation for Rs 2,944 crore through open market transactions.
The shares were sold in the range of Rs 1,885.72-1,889.19 per share.
This was in line with the family’s decision to pare their holdings in the parent of the budget airline over the next four-five years.
In September last year, Rakesh Gangwal had sold almost 2.75 per cent of his stake in the airline through block deals on the NSE for Rs 2,005 crore.
Prior to that sale, Gangwal and his family held 36.61 per cent in InterGlobe Aviation while co-founder Rahul Bhatia and his family held 38.17 per cent.
This sale by Gangwal and his wife Shobha were undertaken across four transactions wherein they sold nearly 1.06 crore shares.
Rakesh Gangwal had resigned as a director of InterGlobe Aviation in February last year, following the appointment of Bhatia as the managing director for five years.
The founders were engaged in a long-running feud with Gangwal raising corporate governance issues in July 2019. It drew to a close in December 2021 when the shareholders voted in favour of a resolution that removed restrictions on share transfer to a third party.
While resigning, Gangwal said that he has been a long-term shareholder for more than 15 years and that its “only natural to someday think about diversifying one’s holdings. Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five plus years.”
