IndiGo co-promoter Rakesh Gangwal's wife to offload 4% stake

The wife of IndiGo's co-founder is likely to sell a 4% stake in the Indian carrier's parent, InterGlobe Aviation Ltd (INGL.NS), for 29.30 billion rupees ($353.8 million) through a block deal, Reuters reported quoting a news report, citing sources. The offer floor price for the sale by Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, has been set at 1,875 rupees per share, the news channel reported. The price is at a 5.6% discount to InterGlobe's closing price on Wednesday.

IndiGo did not respond to a Reuters request for comment, while Shobha Gangwal could not be immediately reached for comment. Rakesh and Shobha Gangwal hold stakes of 13.23% and 7.04%, respectively in InterGlobe, while their Chinkerpoo Family Trust holds a 13.50% stake.

The Gangwals sold a 2.75% stake in September last year, seven months after Rakesh Gangwal resigned from the company's board and said he would cut his stake in the airline over five years.
Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.
Bhatia and his family entities own about 37.8% of IndiGo.

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