MUMBAI: Rakesh Gangwal along with the family’s trust, part of the promoter family of Interglobe Aviation (Indigo), is selling about 1.2 crore shares of the airline, translating to 3.1% of its equity for at least Rs 7,028 crore (about $801 million).The Indian arms of Morgan Stanley, Goldman Sachs and JP Morgan are managing the block deal, expected to be executed on Thursday at a floor price of Rs 5,808 per share, a 4% discount to Interglobe Aviation’s Tuesday close, term sheet for the deal showed.Gangwal, one of the founding-promoters of India’s leading airline, has been selling his stake in the company since September 2022, after he and Rahul Bhatia, also a co-founder and promoter of the company settled their dispute. According to data since 2022, this will be Bhatia’s seventh’s round of stake sale in Indigo.Usually, after each block deal by a large shareholder, there’s a cooling off period of at least three months before the same seller can go for another round of stake sale through another block trade. After Thursday’s stake sale, Gangwal and family will not be able to sell another Indigo stake for 150 days, the term sheet showed.In the last three-and-half years, the stock price of Indigo has gone up by more than three times: From Rs 1,807 on March 2, 2022 to its Tuesday close at Rs 6,045. The stock price jump came despite one of the promoters selling nearly 30% of the company’s equity, a market player pointed out.