IndiGo Co-founder Rakesh Gangwal considers larger stake sale

According to the latest exchange data, Rakesh Gangwal and his family trust own about 25% of Interglobe Aviation.

Rakesh Gangwal, co-founder of IndiGo, is reportedly contemplating selling up to 5.8 percent stake in Interglobe Aviation, the parent company of the airlines. 

This figure is higher than his earlier plan of selling 3.3 percent, as per a report by CNBC-TV18 on March 8, citing sources.

Proposed Equity Sale

The intended equity sale aims to raise approximately Rs 6,600 crore, with a floor price set at Rs 2,925 per share, according to the report. However, Moneycontrol could not independently verify this information.

Previous Reports

Earlier, on March 7, Moneycontrol had reported, based on information from individuals familiar with the matter, that Gangwal was considering selling a 3.3 percent stake in Interglobe Aviation.

Ownership Details

Gangwal and his family trust collectively own approximately 25 percent of Interglobe Aviation, according to the latest exchange data. 

Gangwal had stepped down from Interglobe Aviation’s board in February 2022 and announced plans to dilute his family’s stake gradually.

Previous Stake Sales

In February, the Gangwal family sold a 4 percent stake in Interglobe Aviation for Rs 2,900 crore. Later, in September, they sold a 2.8 percent stake worth Rs 2,000 crore. The largest stake sale occurred in August 2023, with the Gangwals selling shares worth $450 million.

Stock Performance

The stock price of Interglobe Aviation has surged by 25 percent in the past six months, indicating positive investor sentiment towards the company.