Gangwal Sheds Billions in IndiGo Blockbuster Stake Sale

InterGlobe Aviation promoter Rakesh Gangwal, along with the Chinkerpoo Family Trust, sold a 5.7% stake in IndiGo for USD 1.33 billion. This block deal involved 2.2 crore shares sold at Rs 5,175 each. This move continues Gangwal's reduction of his shareholding after disputes with co-founder Rahul Bhatia.

In a major financial maneuver, InterGlobe Aviation promoter Rakesh Gangwal, alongside his family trust, divested a 5.7% stake in IndiGo, pocketing USD 1.33 billion through a block deal.

Spearheaded by investment banking giants Goldman Sachs, Morgan Stanley, and J.P. Morgan India, this deal involved the offloading of 2.2 crore shares at Rs 5,175 each, marking a strategic move in Gangwal's continued divestment from the airline.

This financial decision follows internal disputes over corporate governance and comes with stipulations, including a 150-day lock-up period for sellers, underlining the high-stakes environment surrounding the transaction.

(With inputs from agencies.)