Rakesh Gangwal nets $501 million in scaled-down IndiGo stake sale: Report
Mumbai: Billionaire Rakesh Gangwal’s latest effort to pare his stake in IndiGo raised $501 million, but at a reduced scale, Bloomberg reported.
Gangwal and the Chinkerpoo Family Trust sold 7.56 million shares — equivalent to a 1.96% stake — in InterGlobe Aviation Ltd., the airline’s parent company.
The deal, worth ₹43.9 billion ($501 million), was notably smaller than the earlier plan to offload 12.1 million shares valued at over $800 million.
The transaction took place on Thursday, after Indian markets were closed Wednesday for a public holiday.
IndiGo shares fell 5.3% to ₹5,727, their sharpest single-day decline since January 13.
The stock, however, is set to be added to the benchmark NSE Nifty 50 Index at the end of September.
Placement agents for the deal included Morgan Stanley, Goldman Sachs, and JPMorgan Chase.
Gangwal, who co-founded InterGlobe Aviation, has been gradually trimming his holding since 2022, the report said.
Television channel CNBC Awaaz reported that the deal size was cut due to weak demand from domestic institutional investors.
IndiGo remains India’s dominant airline, controlling more than 60% of the domestic market.
Valued at $25 billion, its stock is the fourth-largest globally on Bloomberg’s index of airlines.
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