Rakesh Gangwal Sells IndiGo Stake for $1.3 Billion

Rakesh Gangwal, co-founder of IndiGo Airlines, has sold a significant portion of his stake in InterGlobe Aviation, amounting to nearly $1.3 billion or Rs 9,549 crore through a block deal, representing approximately 30% of his total stake. The shares were sold at Rs 4,714.90 each, reflecting a premium to the floor price but a discount to the market price. This sale is part of Gangwal's plan to gradually divest his holdings after resigning from the board in February 2022. His wife, Shobha Gangwal, had already exited the airline in August 2023. IndiGo's stock has surged nearly 92% over the past year, and the sale marks one of the largest block equity transactions in India this year. As a result, InterGlobe Aviation's shares dropped by 3% following the announcement of the sale.