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IndiGo Block Deal: Co-Founder Rakesh Gangwal, Promoter Arm Plan 3.4% Equity Sale

The floor price for the IndiGo block deal is set at Rs 5,175 per share, a 4.5% discount to the last closing.

Shubhayan Bhattacharya

IndiGo airlines founder Rakesh Gangwal and a promoter entity are planning to offload up to a 3.4% stake in InterGlobe Aviation Ltd. for nearly Rs 6,833 crore via open market transactions (IndiGo plane. Photo: Vijay Sartape/NDTV Profit)

IndiGo airlines co-founder Rakesh Gangwal and a promoter entity are planning to offload up to a 3.4% stake in InterGlobe Aviation Ltd. for nearly Rs 6,833 crore via open market transactions.

Gangwal and the Chinkerpoo Family Trust are offering as many as 1.3 crore shares in the company in a block sale, according to details in a termsheet accessed by NDTV Profit. The floor price for the IndiGo block deal is set at Rs 5,175 per share, a 4.5% discount to the last closing.

Multinational investment banks Goldman Sachs, JPMorgan and Morgan Stanley are the managers of the deal.

Gangwal personally holds 5.3% equity in InterGlobe Aviation and the Chinkerpoo Family Trust another 8.23%, according to the latest shareholding data available on the BSE. The total promoter stake is 49.27%.

Also Read: IndiGo Q4 Results Review: Brokerages Largely Bullish Amid Soft Crude Prices, Capacity Growth

Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation in February 2022 and had said he would gradually reduce his equity stake over the next five years.

Since then, he and promoter entities linked to him have sold shares worth Rs 26,900 crore. The residual stake — 13.58% — of Gangwal Group is valued at Rs 28,434 crore.

Last week, InterGlobe Aviation reported a 62% rise in its fourth-quarter profit, surpassing analysts' estimates, aided by benign crude oil prices and domestic travel surge during Mahakumbh 2025. Net profit of the operator of India's largest airline increased to Rs 3,067 crore. Revenue jumped 24.3% to Rs 22,152 crore.

Shares of InterGlobe Aviation closed 1.8% lower at Rs 5,420, ahead of the news, compared with 0.6% gains in the benchmark NSE Nifty 50. The stock has risen 27% in the last 12 months and 18% so far this year.

Also Read: IndiGo CEO Sees 'Limited' Financial Impact From Pakistan Airspace Closure

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Shubhayan Bhattacharya
Shubhayan covers markets and business news at NDTV Profit. He has a keen in... more
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