Co-Promoter of IndiGo to Sell Shares Worth Rs 3700 Cr

New Delhi: The Gangwal family, the co-promoter of IndiGo, is planning to sell shares worth Rs 3,700 crore through a block deal.

These shares are to be offered at a floor price of Rs 2,400 per share. This price is at a discount of 5.82 per cent to the closing price of the IndiGo scrip on Monday.

At present, the Gangwal Family holds 29.72 per cent of IndiGo, whose present market value is over Rs 29,000 crore.

In February, Shobha Gangwal, the wife of Rakesh Gangwal, had sold four per cent in InterGlobe Aviation for Rs 2,944 crore through open market transactions.

In September last year, Rakesh Gangwal sold almost 2.75 per cent of his stake in the airline through block deals on the NSE for Rs 2,005 crore.

Rakesh Gangwal resigned as a director of InterGlobe Aviation in February last year.