One of the co-founders of Interglobe Aviation, (parent of IndiGo), Rakesh Gangwal is planning to raise $450 million via a block trade in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, reports Moneycontrol.
In September 2022, the family sold a tranche of 2.8% worth INR 20bn and in February, sold a 4% stake for INR 29bn. Rakesh Gangwal 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. When he quit the board, Gangwal said the family would dilute its stake in a phased manner.
"Yes, this big trade has been launched. The Gangwal family plans to offload around 4 per cent stake," confirmed one of the sources to Moneycontrol.
The offer floor price is INR 2,400/per share, representing a 5.8% discount to the last close price of INR 2,549 per share, according to deal terms.
Morgan Stanley, Goldman Sachs and JP Morgan are the investment banks advising the Gangwal family on the proposed transaction, claims sources on conditions on anonymity.