Rakesh Gangwal's Strategic Share Sale: A New Chapter for IndiGo
Rakesh Gangwal and his family trust plan to divest a 3.4% stake worth Rs 6,831 crore in InterGlobe Aviation. This move is part of a phased sell-off after a fallout with co-founder Rahul Bhatia. The share sale will occur on May 27, facilitated by investment banks Goldman Sachs, Morgan Stanley, and J.P. Morgan.
- Country:
- India
InterGlobe Aviation's promoter, Rakesh Gangwal, is set to offload a significant portion of his stake in the company. Sources reveal that Gangwal, along with the Chinkerpoo Family Trust, plans to sell up to 3.4% of their holdings, estimated at Rs 6,831 crore, in India's largest airline, IndiGo.
This strategic decision follows a notable dispute between Gangwal and fellow co-founder Rahul Bhatia, resulting in a phased reduction of Gangwal's investment in the airline. Trusted insiders indicate that the transaction is structured to take place on May 27, with a set floor price of Rs 5,175 per share, a 4.5% discount from Monday's closing price.
The sale process will be conducted by reputable investment banks including Goldman Sachs, Morgan Stanley, and J.P. Morgan, marking a significant move in the aviation sector. Gangwal's decision reflects an ongoing strategy to decrease his holdings since the fallout, with multiple transactions executed over the past year.
(With inputs from agencies.)
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