Indigo Airlines Promoter Gangwal Family Looking To Offload Shares Worth Rs 3,370 Cr Via Block Trade

Gangwal Family, who is the promoter of Indigo Airlines, is looking to raise $450 million or around Rs 3,735 crore through a block trade, which is said to be the biggest in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, industry sources were quoted as saying by Moneycontrol.

The family sold a tranche of 2.8% worth Rs 2,000 crore in September 2022 and in February, sold a 4% stake for Rs 2,900 crore last year. Rakesh Gangwal also stepped down from the board of Interglobe Aviation in February 2022 and the family holds a 29.72% stake as per the latest stock exchange disclosures. 

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"Yes, this big trade has been launched. The Gangwal family plans to offload around 4% stake," sources were quoted as saying. According to the Moneycontrol report, the offer floor price is Rs 2,400 per share, representing a 5.8% discount to the last close price of Rs 2,549 per share.

The report further revealed that Morgan Stanley, Goldman Sachs and JP Morgan are the investment banks advising the Gangwal family on the proposed transaction. 

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In August 2022, KKR sold its entire stake of around 27 per cent in Max Healthcare in a single block deal for around Rs 9,290 crore, marking the largest exit for the private equity major from an Indian firm.

InterGlobe Aviation’s market capitalisation is around Rs 98,313 crore and the stock price has risen by more than 22% in the last six months.