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Monday, April 22, 2024

Gangwal, a co-founder of IndiGo in India, is set to sell the airline’s shares for $450 million

<p>Co-founder of Indian airline IndiGo Rakesh Gangwal would sell up to a 3.3% share in operator Interglobe Aviation via a block sale, valued at 37.3 billion rupees ($451 million), according to a report on Thursday from news channel CNBC-TV18, which cited sources.</p>
<p><img decoding=”async” class=”alignnone wp-image-486005″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-gangwal-a-co-founder-of-indigo-in-india-is-set-to-sell-the-airlines-shares-for-450.jpg” alt=”theindiaprint.com gangwal a co founder of indigo in india is set to sell the airlines shares for 450″ width=”1047″ height=”785″ title=”Gangwal, a co-founder of IndiGo in India, is set to sell the airline's shares for $450 million 3″></p>
<p>According to the newspaper, the floor price for the block transaction is 2,925 rupees per share, or 5.8% less than Interglobe’s closing price on Thursday.</p>
<p>An inquiry for comment from Reuters was not immediately answered by IndiGo.</p>
<p>CNBC-TV18 did not provide a timeframe for the block transaction.</p>
<p>As of now, exchange data shows that Gangwal owns 11.72% of the airline he co-founded in 2006 with Rahul Bhatia.</p>
<p>Over the last year, Gangwal and his spouse, Rekha Gangwal, have decreased their ownership stake in the company; the latter withdrew entirely from the business in August.</p>
<p>After Bhatia’s Interglobe Enterprises, their Chinkerpoo Family Trust is still the company’s largest stakeholder, with a 13.49% interest in Interglobe.</p>

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