Rakesh Gangwal, co-founder of IndiGo, is reportedly contemplating selling up to 5.8 percent of his stake in Interglobe Aviation, the parent company of the airline. This percentage is higher than his previous plan to sell 3.3 percent, as per CNBC-TV18’s report on March 8, citing sources.
The proposed sale aims to raise nearly Rs 6,600 crore, with a floor price set at Rs 2,925 per share, according to the report. However, LegalParivar has not independently verified this information.
On March 7, sources reported, based on insiders’ information, that Gangwal was considering selling a 3.3 percent stake in Interglobe Aviation.
Gangwal and his family trust collectively own approximately 25 percent of Interglobe Aviation, according to the latest exchange data. Gangwal resigned from Interglobe Aviation’s board in February 2022 and announced intentions to gradually reduce his family’s stake.
In February, the Gangwal family sold a 4 percent stake in Interglobe Aviation for Rs 2,900 crore, followed by a sale of a 2.8 percent stake worth Rs 2,000 crore in September. The largest block deal occurred in August 2023, with the Gangwals selling shares worth $450 million.
The stock price of Interglobe Aviation has increased by 25 percent over the past six months. In August 2022, KKR sold its entire stake of approximately 27 percent in Max Healthcare in a single block deal for around Rs 9,290 crore, marking the largest exit for the private equity major from an Indian firm.
