InterGlobe Aviation Ltd.'s co-founder and promoters—Rakesh Gangwal and Chinkerpoo Family Trust plan to sell up to 1.47 crore shares of the company via block deals to raise up to Rs 6,750 crore, Bloomberg reported citing terms of the deal.
The shares are being offered at a floor price of Rs 4,593 each, a 5.5% discount to Wednesday's close, the report said, adding that Morgan Stanley, Goldman Sachs, JPMorgan are the placement agents.
Rakesh Gangwal, co-founder of India's largest airline, announced plans to gradually reduce his stake after resigning from the board in February 2022. Over the past two years, Gangwal and related entities have been selling their stake in IndiGo in phases. Shobha Gangwal has fully sold her shares in the company.
In March, Gangwal pared his stake in parent InterGlobe Aviation Ltd. for Rs 6,785 crore through open market transactions.
At the end of June, Rakesh Gangwal, and his family trust held nearly 19.38% of the airline's shares as part of the promoter group.
Before stepping down, Rakesh Gangwal and his family held a 36.61% stake in the company, while another Co-Founder and Managing Director Rahul Bhatia and his family held about 37.8%. Since 2019, Gangwal and Bhatia have been in a dispute over proposed changes to the company's articles of association.
Gangwal, an American with years of experience in senior roles at United Airlines and U.S. Airways, focused on aviation, while Bhatia manages operations in India.
Shares of InterGlobe Aviation closed 2.4% higher at Rs 4859.20 on Wednesday. That compared with 0.09% gains in the country's benchmark BSE Sensex.
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