IndiGo co-founder Rakesh Gangwal planning to sell 5.8% stake
What's the story
IndiGo co-founder Rakesh Gangwal is considering selling a 5.8% stake in Interglobe Aviation, the airline's parent company, according to CNBC-TV18. The new figure is higher than the previously planned dilution of 3.3% stake. With the proposed equity sale, Gangwal will raise nearly Rs. 6,600 crore with a floor price set at Rs. 2,925 per share. Gangwal and his family trust currently own around 25% of Interglobe Aviation, based on the latest exchange data.
Past events
Gangwal family sold shares worth $450 million in 2023
Gangwal stepped down from Interglobe Aviation's board in February 2022 and revealed plans to gradually reduce his family's stake in the company. In February, the Gangwal family sold a 4% stake for Rs. 2,900 crore, followed by a 2.8% stake worth Rs. 2,000 crore in September. The largest block deal for them happened in August 2023, when they sold shares worth $450 million. Over the past six months, the Interglobe Aviation stock price has increased by 25%.
Information
Biggest block deal yet happened in 2022
In August 2022, private equity giant KKR sold its complete stake of around 27% in Max Healthcare in a single block deal for approximately Rs. 9,290 crore ($1.24 billion), marking the largest exit ever in the Indian stock market.