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Rakesh Gangwal, family trust likely to offload 3.4% stake in IndiGo for Rs 6,831 crore amid ongoing divestment

Word Count: 731 | Estimated Reading Time: 4 minutes

InterGlobe Aviation promoter Rakesh Gangwal and his family trust are expected to offload up to 3.4 per cent of their stake in IndiGo, valued at approximately Rs 6,831 crore, on Tuesday, according to sources. Gangwal, the co-founder of the airline, has been gradually reducing his holdings following a public fallout with co-founder Rahul Bhatia.In addition to Gangwal, the Chinkerpoo Family Trust, which is managed by Shobha Gangwal and the JP Morgan Trust Company of Delaware, will also sell its 3.4 per cent stake in IndiGo, India’s largest airline, sources revealed, according to PTI report.The transaction is being managed by investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company, and JP Morgan India, which are acting as placement agents for the sale.Currently, Gangwal and the family trust collectively own about 13.5 per cent of IndiGo. Under the proposed sale, up to 1.32 crore equity shares will be offered at a floor price of Rs 5,175 per share, according to the term sheet seen by PTI. The floor price represents a 4.5 per cent discount to IndiGo’s closing price of Rs 5,420 per share on Monday.The 1.32 crore shares on sale account for approximately 3.4 per cent of the airline’s total equity, and the offer size, based on the floor price, is estimated to be around USD 803 million, or roughly Rs 6,831 crore.The share sale, which will be executed in multiple tranches on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), will be entirely secondary in nature, with no fresh equity issuance involved.A lock-up period of 150 days will apply to the vendors and their immediate relatives under the terms of the sale, with one exception. The vendors may transfer shares worth at least USD 300 million to a single investor or investor group through a negotiated transaction, subject to specific pricing and lock-up conditions.This proposed sale follows Gangwal’s decision in February 2022 to reduce his stake in IndiGo, which stemmed from a prolonged dispute with co-founder Rahul Bhatia over corporate governance issues.As part of this gradual divestment, Gangwal’s family trust had previously sold a 5.24 per cent stake in August 2024 for Rs 9,549 crore. Prior to that, Gangwal sold shares in March 2023.In September 2022, Rakesh Gangwal and Shobha Gangwal sold a combined 2.74 per cent stake for Rs 2,005 crore. In February 2023, Shobha Gangwal further divested a 4 per cent stake for Rs 2,944 crore, and later in August 2023, sold nearly 2.9 per cent for over Rs 2,800 crore.

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