The Gangwal family, who is among the promoters of Interglobe Aviation which operates the low-cost airline IndiGo, is planning to offload shares of the company worth Rs 3,735 crore through a block deal.
According to media reports, this is part of the family's ongoing plan to reduce stake in the company. The family holds 29.72 per cent stake in Interglobe Aviation. Rakesh Gangwal, who co-founded Indigo with Rahul Bhatia, had resigned from the board of directors of the company last year. He had then stated that he would gradually reduce his stake in the company over the next few years.
In September, Gangwal and his wife Shobha sold 2.74 per cent stake in the company, and in February, the family sold 4 per cent stake for Rs 2,900 crore through a block deal. The present block deal reportedly is the biggest one yet.
"Yes, this big trade has been launched. The Gangwal family plans to offload around 4 per cent stake," Moneycontrol quoted a source as saying.
Gangwal and Shobha hold 13.23 per cent and 2.99 per cent stake respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds 13.5 per cent stake.
Morgan Stanley, JPMorgan, and Goldman Sachs are advising the family on the current block deal.
The Indigo shares closed at Rs 2,547.40 on Monday, and the offer floor price of the block deal is Rs 2,400 per share—a five per cent discount from the current price.
A block deal refers to a transaction that involves sale of purchase of a huge number of shares, worth more than Rs. 5 crore. This is usually a single transaction that happens between institutional players.
