Other Deals - Listed Firms
IndiGo airlines’ promoter Rakesh Gangwal’s family sells 5.7% worth stake for Rs.11,385- Cr
The promoter of Gurugram-based InterGlobe Aviation , (the group firm which runs the low-cost airline Indigo), Rakesh Gangwal and his family trust, has sold 5.7% stake for INR 11,385 crore (USD 1.33 Billion) by selling 2,20,00,000 shares at INR 5,175 per share through an block deal. Goldman Sachs, Morgan Stanley and J P Morgan India are the placement agents for the stake sale. Previously, Gangwal and the family trust together owned about 13.5% in IndiGo.Apart from the promoters, Chinkerpoo Family Trust (trustees are Shobha Gangwal) and JP Morgan Trust Company have also divested their stake in Indigo.Founded in 2006, IndiGo is the largest passenger airline in the country. Indigo serves 80+ domestic destinations and 30+ International destinations.
Between Aug-20 and Sep-20, InterGlobe Aviation had attracted about USD 128 M from West Bridge.For FY24, InterGlobe Aviation had reported about INR 68,904.34Cr in Operating Income and about INR 8,172 Cr in PAT.
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