IndiGo co-founder’s family to sell shares worth up to $450 million – report

BENGALURU (Reuters) – The family of IndiGo’s co-founder Rakesh Gangwal will sell operator Interglobe Aviation’s shares worth up to $450 million via a block deal on Wednesday, CNBC-TV18 reported on Tuesday, citing sources privy to the developments.

The offer floor price for the sale by Rakesh Gangwal and wife Shobha Gangwal is set at 2,400 rupees per share – nearly a 6% discount on the current market price.

IndiGo did not immediately respond to a Reuters request for comment.

In June, CNBC Awaaz had said in a report, citing sources, that the family was likely to sell between 5% and 8% of its stake worth up to 75 billion rupees.

Rakesh Gangwal and Shobha Gangwal hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data from June.

Shobha Gangwal had cut her stake in the company by over 4% in February.

Rakesh Gangwal resigned from the company’s board in February 2022 and had said he would cut his stake in the airline over five years.

(Reporting by Dimpal Gulwani in Bengaluru)