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Rakesh Gangwal and his family may sell 3.4% stake in IndiGo, claims deal worth Rs 6831 crore
Indigo: Rakesh Gangwal, one of the founders of InterGlobe Aviation, and his family trust may sell a 3.4 percent stake worth at least Rs 6,831 crore in the airline on Tuesday. This information has come to light, quoting sources. Let us know about this in detail.
Rakesh Gangwal, one of the founders of InterGlobe Aviation, and his family trust may dispose of a 3.4% holding valued at a minimum of Rs 6,831 crore in the airline on Tuesday. Gangwal, the IndiGo co-founder, is selling the stake in a series of installments after a sharp difference of opinion with Rahul Bhatia.
Sources said that apart from Gangwal, Chinkarpu Family Trust, whose trustees are Shobha Gangwal and Delaware's JP Morgan Trust Company, will sell a 3.4% stake in the country's largest airline, IndiGo. Investment banking firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Co, and JPMorgan India are the placement agents for the stake sale, they said.
Currently, Gangwal and the family trust jointly hold about a 13.5% stake in IndiGo. As per the term sheet accessed by PTI, under the proposed transaction, which will be executed on May 27, 1.32 crore equity shares will be sold at a floor price of Rs 5,175 per share. The company's shares closed at Rs 5,420 per share on Monday. The sale price is 4.5% lower than the floor price. Sources said the 1.32 crore shares will be about a 3.4% stake in the company, and based on the floor price, the size of the offer will be about $803 million or Rs 6,831 crore.
