IndiGo block deal: Co-promoter Rakesh Gangwal's wife likely sold 4% stake; stock slips 5%

Operator of India’s largest airline firm InterGlobe Aviation saw a huge block deal in which 1.7 crore shares changed hands today. The deal, which was worth Rs 3,221 crore, involved sale of a 4.4 percent stake in the airline company. According to reports, Shobha Gangwal, the wife of IndiGo co-promoter Rakesh Gangwal, has sold a part of her stake in InterGlobe Aviation.

The offer floor price at which the IndiGo stock changed hands was Rs 1875 per share. Goldman Sachs was appointed as the broker for the deal.

At the end of December 2022 quarter, IndiGo's promoter and promoter group owned 71.92 percent stake in the company, which will now fall to 67.52 percent.

For the quarter ended December 2022, Rakesh Gangwal and his wife Shobha Gangwal owned 13.24% ( 5.10 crore shares) and 7.04% (2.71 crore shares), respectively. After the deal, Shobha Gangwal's individual stake will fall to 2.64 percent from 7.04 percent.

This is for the second time the Gangwal family is selling stake in InterGlobe Aviation Ltd, which operates IndiGo.  In September 2022, they sold a 2.8% stake in the airline for approximately $250 million.

In February 2022, Rakesh Gangwal had stepped down from the company's board and had informed that he would sell his holdings in the airline over about five years.

Subsequently, shares of InterGlobe Aviation fell 5.1% to Rs 1885 on BSE. The stock opened 3.23% lower at Rs 1922 against the previous close of Rs 1986.20 today.   

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