Rakesh Gangwal, co-founder of India's largest airline IndiGo, is set to further reduce his stake in the company. According to CNBC-TV18, Gangwal will sell up to 3.3% of his holding, worth approximately ₹37.3 billion ($451 million), through a block deal.
This move comes just over six months after Gangwal's wife, Rekha Gangwal, completely exited the company. Currently, the Gangwal family, through their Chinkerpoo Family Trust, remains the largest shareholder after IndiGo co-founder Rahul Bhatia's Interglobe Enterprises, holding a 13.49% stake.
The floor price for the block deal has been set at ₹2,925 per share, representing a 5.8% discount compared to IndiGo's closing price on March 7. While the exact date of the transaction remains undisclosed, it signifies Gangwal's continued gradual exit from the company he co-founded in 2006.
This development comes amidst ongoing efforts by IndiGo to expand its presence and market share in the Indian aviation sector. However, the specific reasons behind Gangwal's decision to sell additional shares remain unknown.
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