Rakesh Gangwal, co-founder of IndiGo Airlines, reportedly intends to sell $450 million worth of shares in a block sale. At a floor price of Rs 2,400 per share, or 5.8% less than the closing price on Monday, the Gangwal family has put 15.6 million shares up for sale. The family is receiving advice on the deal from Goldman Sachs, JP Morgan, and Morgan Stanley.
In September 2022, Gangwal started the process of selling his shares in IndiGo. He resigned from the InterGlobe Aviation board in February of that year and declared his desire to sell all of his shares of IndiGo over a five-year period. Rahul Bhatia, a co-founder, was subsequently named managing director by the company's board of directors.
The Gangwal family sold a 2.8% share in a block transaction for $250 million in September 2022. They sold a further 4% interest for Rs 2,900 crore in February. Rahul Bhatia and his associates currently own the largest holding in InterGlobe Aviation with a 38.14% stake, followed by the Gangwal family with 29.72%.Since Gangwal has owned stock in the company for more than 15 years, it is only logical for him to consider his future with the company.
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