IndiGo co-founder Rakesh Gangwal to sell part of stake in deal worth $800 million: Report
IANS
Synopsis
Indian airline IndiGo co-founder Rakesh Gangwal will sell up to a 3.4% stake in the low-cost carrier through a block deal worth 68.31 billion rupees (nearly $803 million), news channel CNBC-TV18 reported on Monday, citing sources.
By Reuters
Last Updated:
Indian airline IndiGo co-founder Rakesh Gangwal will sell up to a 3.4% stake in the low-cost carrier through a block deal worth 68.31 billion rupees (nearly $803 million), news channel CNBC-TV18 reported on Monday, citing sources.
The airline did not immediately respond to a request for comment.
IndiGo was founded in 2006 by Gangwal and Rahul Bhatia.
Gangwal, who currently chairs the board of directors of U.S. budget carrier Southwest, quit IndiGo's board in 2022, following a dispute with Bhatia over a change to certain rules in the company's articles of association.
From a 36.6% stake in 2022, Gangwal and his family have been reducing their ownership of Indigo to a current stake of 13.5%.
($1 = 85.0920 Indian rupees)
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Gangwal plans to sell the shares at a floor price of 5,175 rupees each - marking a 4.5% discount from the stock's Monday close of 5,420 rupees.The airline did not immediately respond to a request for comment.
IndiGo was founded in 2006 by Gangwal and Rahul Bhatia.
Gangwal, who currently chairs the board of directors of U.S. budget carrier Southwest, quit IndiGo's board in 2022, following a dispute with Bhatia over a change to certain rules in the company's articles of association.
From a 36.6% stake in 2022, Gangwal and his family have been reducing their ownership of Indigo to a current stake of 13.5%.
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($1 = 85.0920 Indian rupees)
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