Co-founder Rakesh Gangwal to further pare down his stake in IndiGo

3.8 per cent stake for Rs 7.1k crore on sale via block deals: Sources

Co-founder Rakesh Gangwal is likely to divest about 3.8 per cent stake in InterGlobe Aviation (IndiGo airline) for about Rs 7,100 crore via bulk deals. This is part of Gangwal's long-term plan to gradually bring down his stake in India's largest airline, which he started with Rahul Bhatia in August 2006.

Sources said that the floor price for the transaction has been set at Rs 4,593 per share, nearly 6 per cent below the last closing price of Rs 4,859.2. Currently, Gangwal and his related entities hold 19.38 per cent stake in IndiGo.

In the past couple of years,