It is reported that Rakesh Gangwal, promoter of Indigo Airline’s original company Interglobe Aviation and his family trust on Tuesday sold 5. 7 percent stake in the airline for around Rs 11,385 crore (US $ 1.33 billion). According to PTI news, sources said that apart from Gangwal, Chinkarpu Family Trust, with Trustee Shobha Gangwal and Delaware’s JP Morgan Trust Company, have also participated in the transaction of selling their stake in Indigo, the country’s largest airline.
2.2 crore equity shares were sold
According to the news, investment banking firm Goldman Sachs (India) Securities Private Limited, Morgan Stanley India Company and JP Morgan India are placement agents for the stake sale. Prior to the latest transactions, Gangwal and Family Trust had a total stake in IndiGo about 13.5 percent. The updated term sheet states that according to the latest block deal, 2 crore equity shares were sold at a floor price of Rs 5,175 per share.
2.2 crore shares equal to about 5.7 percent stake in the company
The total number of shares has been increased by the initial 13.2 million shares (1.32 million shares), priced at around US $ 803 million (about Rs 6,831 crore), which was mentioned in the previous term sheet. The floor price is at 4.5 percent discount on Monday as compared to a closed price of Rs 5,420 per share. Sources said the 2.2 crore shares are equal to about 5. 7 percent stake in the company, and the offer size is about 1.33 billion US dollars or about Rs 11,385 crore based on the floor price.
Family trusts sold 5.24% stake in August 2024
In August 2024, Rakesh Gangwal’s family trust sold 5.24 percent stake in the airline for Rs 9,549 crore. Earlier, Gangwal sold Indigo shares in March. Share Sales Gangwal is part of the decision to reduce its shareholding after a sharp controversy over alleged corporate administration issues with co-founder Rahul Bhatia in February 2022. Since February 2022, Gangwal and his wife Shobha Gangwal are selling their shares in Indigo.
In September 2022, Rakesh Gangwal and Shobha Gangwal sold 2.74 percent stake for Rs 2,005 crore. In February 2023, Shobha Gangwal sold 4 percent stake in the company for Rs 2,944 crore. Later in August, Shobha Gangwal sold about 2.9 percent stake in the company for more than Rs 2,800 crore.
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