InterGlobe Aviation Ltd.'s promoter, Rakesh Gangwal, will sell up to a 3.3% stake in the company worth at least Rs 3,729 crore.
Gangwal will offer 1.275 crore shares at a floor price of Rs 2,925 apiece, according to the term sheet seen by NDTV Profit. Interglobe Aviation is the parent of India's largest airline, IndiGo.
The floor price represents a 5.8% discount to Thursday's closing price, it added.
Morgan Stanley India, JP Morgan India and Goldman Sachs India are the deal's brokers.
In 2022, co-founder Rakesh Gangwal quit the carrier's board and said that he would pare his stake in the company over the next five years.
As of December 2023, Gangwal's stake in the company stood at 11.72%. He has pared nearly 2.9% stake since March 22, while his wife, Shobha Gangwal, has exited the company by selling an 8.4% stake in InterGlobe Aviation.
Shares of InterGlobe Aviation closed 0.98% higher on Thursday, compared with 0.09% gain at the benchmark Nifty 50.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
