 "IndiGo co-founder to sell part of stake in deal worth $800 mn: Report")
Indian airline IndiGo co-founder Rakesh Gangwal will sell up to a 3.4 per cent stake in the low-cost carrier through a block deal worth 68.31 billion rupees (nearly $803 million), news channel CNBC-TV18 reported on Monday, citing sources.
Gangwal plans to sell the shares at a floor price of 5,175 rupees each - marking a 4.5 per cent discount from the stock's Monday close of 5,420 rupees.
The airline did not immediately respond to a request for comment.
IndiGo was founded in 2006 by Gangwal and Rahul Bhatia.
Gangwal, who currently chairs the board of directors of US budget carrier Southwest, quit IndiGo's board in 2022, following a dispute with Bhatia over a change to certain rules in the company's articles of association.
From a 36.6 per cent stake in 2022, Gangwal and his family have been reducing their ownership of Indigo to a current stake of 13.5 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app