The Gangwal family, promoter of IndiGo Airlines, is likely to sell shares worth Rs 3,730 crore through a block deal on Wednesday, according to a term sheet. This development is part of promoter Rakesh Gangwal’s plan to bring down his equity stake in the company.
The offer floor price for the deal is Rs 2,400 per share, which is a 5.8 per cent discount to the company’s last closing price of Rs 2,549 per share. The Gangwal family has put up 15.6 million shares as part of the sale, which represents approximately 4 per cent of its existing total outstanding shares in the company.
The total stake of the promoters in InterGlobe Aviation currently stands at 67.77 per cent, of which Gangwal and his related entities’ stake is pegged at 29.72 per cent as of June 2023, as per BSE data. With the block sale, Gangwal family’s stake in the company would come down to 25.72 per cent.
Morgan Stanley, JPMorgan and Goldman Sachs are bankers to the deal.
IndiGo did not immediately…
