The proposed sale by Rakesh Gangwal and his spouse, Shobha Gangwal, has established a minimum price of 2,400 rupees per share, which represents a nearly 6% markdown from the prevailing market value.
The family of Rakesh Gangwal, co-founder of IndiGo, is preparing to conduct a block deal on Wednesday to sell shares of the airline’s operator, Interglobe Aviation, for a potential sum of up to $450 million, CNBC-TV18 reported citing undisclosed sources.
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The proposed sale by Indigo‘s co-founder Rakesh Gangwal and his spouse, Shobha Gangwal, has established a minimum price of 2,400 rupees per share, which represents a nearly 6% markdown from the prevailing market value.
As of the time of this report, there has been no immediate response from IndiGo regarding a comment request made by Reuters.
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In a prior disclosure from June, CNBC Awaaz had indicated, citing undisclosed insiders, that the family had intentions to offload anywhere between 5% and 8% of their stake, amounting to a potential value of up to 75 billion rupees.
Talk Of Ownership
The shareholding details as of March 31 revealed that Rakesh Gangwal and Shobha Gangwal own 13.23% and 2.99% respectively in InterGlobe as of March 31.
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Additionally, their Chinkerpoo Family Trust holds a 13.5% stake, according to data provided by the exchange in June, reported Reuters. It’s noteworthy that Shobha Gangwal had already reduced her ownership in the company by more than 4% back in February.
The report further added that in February 2022, Rakesh Gangwal chose to step down from his position on the company’s board and publicly expressed his intention to progressively reduce his ownership in the airline over a span of five years.
