Gangwal family to sell Rs 3.7K crore IndiGo shares; block deal likely today
The family of IndiGo co-founder Rakesh Gangwal is likely to sell shares worth Rs 3,730 crore through a block deal on Wednesday, according to a term sheet. This is part of Gangwal’s plan to bring down his family's stake in the company.
The offer floor price for the deal is Rs 2,400 per share, which is a 5.8 per cent discount to the company’s last closing price of Rs 2,549 per share. The Gangwal family has put up 15.6 million shares for sale, representing approximately 4 per cent of its existing outstanding shares in the company.
The total stake of the promoters in InterGlobe Aviation stood at 67.77 per cent as of June 2023, of which Gangwal and his related entities held 29.72 per cent, according to the BSE data. After Wednesday’s block sale, th...