Mumbai/New Delhi : Rakesh Gangwal, co-founder and co-promoter of IndiGo owned by India’s largest airline, InterGlobe Aviation Ltd., will sell a 2.8% stake in the airline through a block deal, which will cost him at least $250 million, according to the deal. Will meet. Terms seen by Mint.
Selling shareholders include Rakesh Gangwal, Shobha Gangwal and The Chinkarpu Family Trust, collectively Rakesh Gangwal The promoter group, which held 36.6% stake in the airline as of June 30.
Shares are offered to institutional buyers on the NSE on Wednesday at a minimum price of Rs 1,850, which is a discount of 6.5% to the closing price of Rs 1,977 per share.
At the floor price, the stake sale would fetch the Gangwal promoter group at least Rs 1,996 crore, or $250 million.
Investment Bank Morgan Stanley India Company Pvt. Ltd., Goldman Sachs (India) Securities Pvt. Ltd. and JP Morgan India Pvt. Ltd. is a broker of block trading. The block trade will be done on 8th September.
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