IndiGo shareholder Shobha Gangwal, the wife of the airline’s co-founder Rakesh Gangwal, is likely to sell 4% stake in the airline on Thursday through a block deal, said a report on Wednesday.
The floor price for the block deal has been set at Rs 1,875 per share and the offer size is Rs 2,930 crore, reported CNBC TV18, which is a 5% discount from Wednesday’s closing price of Rs 1,976.
There is a lockup period for 150 days post block deal, the report added.
In September 2022, Rakesh Gangwal and his wife divested 2.74% stake in IndiGo’s parent company, InterGlobe Aviation, for Rs 2,005 crore through open market transactions.
Gangwal had resigned from the board of directors of the company in February 2022, stating that he will gradually reduce his equity stake over the next five years.
Gangwal along with Rahul Bhatia co-founded the low-cost carrier IndiGo airlines.
As of June 2022 quarter, Gangwal and his family owned 36.61% stake in the low-cost carrier, where Gangwal and his wife held 14.6% and 8.39% stake, respectively, while the rest of the balance is held by Chinkerpoo Family Trust, shareholding data showed with the bourse.
