BENGALURU (Reuters) – The wife of IndiGo’s co-founder is likely to sell a 4% stake in the Indian carrier’s parent, InterGlobe Aviation Ltd, for 29.30 billion rupees ($353.8 million) through a block deal, CNBC-TV18 reported on Wednesday, citing sources.
The offer floor price for the sale by Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, has been set at 1,875 rupees per share, the news channel reported.
The price is at a 5.6% discount to InterGlobe’s closing price on Wednesday.
IndiGo did not respond to a Reuters request for comment, while Shobha Gangwal could not be immediately reached for comment.
Rakesh and Shobha Gangwal hold stakes of 13.23% and 7.04%, respectively in InterGlobe, while their Chinkerpoo Family Trust holds a 13.50% stake.
The Gangwals sold a 2.75% stake in September last year, seven months after Rakesh Gangwal resigned from the company’s board and said he would cut his stake in the airline over five years.
Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company’s articles of association.
Bhatia and his family entities own about 37.8% of IndiGo.
(This story has been corrected to say Wednesday not Tuesday in paragraph 3.)
(Reporting by Nishit Navin in Bengaluru; Editing by Janane Venkatraman and Savio D’Souza)
