IndiGo Block Deals: Gangwal Family to Offload 3.1% Stake Valued at ₹7,020 Crore

Gangwal Family to Offload 3.1% Stake in IndiGo Worth ₹7,020 Crore.

The family of IndiGo co-founder Rakesh Gangwal is set to sell a 3.1% stake in InterGlobe Aviation, valued at around $801 million (₹7,020 crore), through block deals. The shares will be offered at ₹5,808 apiece, representing nearly a 4% discount to the current market price, people aware of the transaction told the publication.

As of June 2024, the Gangwal family held a 7.81% stake in IndiGo — comprising 4.73% directly by Rakesh Gangwal and 3.08% through the Chinkerpoo Family Trust.

Goldman Sachs, Morgan Stanley, and JPMorgan are advising the transaction, the report said.

The sale is part of Gangwal’s phased exit from IndiGo, which began after he stepped down from the airline’s board in February 2022. At that time, he and his family owned nearly 37% of the company. Since then, Gangwal and his wife, Shobha Gangwal, have steadily pared their holdings through multiple block deals.

In May 2024, Gangwal sold a 5.7% stake worth $1.36 billion, following earlier rounds of divestment in 2022 and 2023. Under the latest deal, the family has agreed to a 150-day lock-up period on further share sales.