Promoter Rakesh Gangwal and his family trust are set to divest up to 3.1 per cent stake in InterGlobe Aviation, the parent company of IndiGo, as per a report by PTI.
The deal is worth around Rs 7,027.7 crore and transaction is likely to take place on Thursday, according to a term sheet accessed by PTI.
IndiGo stake sale: 1.21 crore shares on offer
According to PTI, the sale will involve up to 1.21 crore equity shares at a floor price of Rs 5,808 per share. This represents nearly a 4 per cent discount to IndiGo’s Tuesday closing price of Rs 6,050 on the NSE. Based on the floor price, the offer size is pegged at about $ 801 million or Rs 7,027.7 crore.
The transaction will be executed through block deals on the NSE and BSE. The sale is entirely secondary in nature, meaning no new shares will be issued and proceeds will go directly to the selling shareholders.
Gangwal stake to drop from 7.8% to 4.7%
As of June 2025, Gangwal and the Chinkerpoo Family Trust collectively held a 7.81 per cent stake in IndiGo. Post this transaction, their holding will come down to 4.71 per cent, PTI report highlighted.
The vendors and their immediate relatives will also be bound by a 150-day lock-up period, restricting them from further sales during that time. However, the term sheet allows one negotiated transfer worth at least $300 million to a single investor or group, provided the sale is done at or above the offer price and the buyer agrees to the lock-up terms.
The proposed share sale will be managed by Goldman Sachs (India) Securities, Morgan Stanley India Company and JP Morgan India, according to PTI.
Fallout with Rahul Bhatia led to exit plan
This divestment is part of Gangwal’s gradual exit plan from the airline he co-founded with Rahul Bhatia. In May this year, Gangwal and his family trust sold a 5.72 per cent stake in IndiGo for Rs 11,564 crore. In August 2024, the family trust offloaded a 5.24 per cent stake for Rs 9,549 crore.
The family has been paring stake consistently since February 2022, when Gangwal resigned from IndiGo’s board after a bitter fallout with Bhatia over corporate governance issues. At the time, he had announced plans to reduce his shareholding in the company over five years.
Since then, multiple transactions have taken place. In September 2022, Gangwal and his wife Shobha sold a 2.74 per cent stake for Rs 2,005 crore. In February 2023, Shobha divested 4 per cent for Rs 2,944 crore, followed by another 2.9 per cent sale later that year for over Rs 2,800 crore.