Gangwal Likely To Cut 3.4% Stake In IndiGo Via Block Deals Worth ₹68.3 Billion

InterGlobe Aviation Ltd.'s promoter Rakesh Gangwal is likely to offload a 3.4% stake in the airline through block deals worth ₹68.31 billion, Business Standard reported Tuesday, citing sources. The move is part of his long-term plan to reduce his holding in the company.

The floor price for the stake sale has been set at ₹5,175 per share. Gangwal currently holds 5.3% stake, according to data from the National Stock Exchange. Including holdings of related entities, the Gangwal group holds a 13.53% stake in InterGlobe Aviation.

Goldman Sachs (India) Securities, Morgan Stanley India, and J.P. Morgan India are acting as placement agents for the transaction.
Gangwal has been gradually divesting his shares since a dispute with co-promoter Rahul Bhatia escalated into a legal battle in the London Court of International Arbitration.

After the September 2021 ruling, shareholders approved a key change to the company's articles at an EGM on Dec. 30, 2021, allowing promoters to sell shares freely—paving the way for Gangwal’s exit.

InterGlobe Aviation, which operates IndiGo, reported a net profit of ₹30.73 billion in the March quarter on revenue of ₹221.52 billion.