Rakesh Gangwal, family trust sell 5.7% stake in IndiGo for ₹11,385 crore

InterGlobe Aviation promoter Rakesh Gangwal sells 5.7% stake in IndiGo for $1.33 billion, reducing shareholding post-feud.

“InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday (May 27, 2025) sold a 5.7% stake in the airline for about ₹11,385 crore ($1.33 billion) through a block deal,” according to sources.

“Apart from Gangwal, the Chinkerpoo Family Trust, whose trustees are Shobha Gangwal and JP Morgan Trust Company of Delaware, has also participated in the transaction for divesting its stake in IndiGo, the country’s largest airline,” the sources said.

“Investment banking firms Goldman Sachs [India] Securities Pvt Ltd, Morgan Stanley India Company, and J P Morgan India are the placement agents for the stake sale,” they added.

Before the latest transaction, Mr. Gangwal and the family trust together owned about 13.5% in IndiGo.

As per the latest block deal, up to 2.2 crore equity shares were sold at a floor price of ₹5,175 per share, as per the updated term sheet seen by PTI.

The total number of shares has been raised from the initial 13.2 million shares (1.32 crore shares) worth around $803 million (around ₹6,831 crore) mentioned in the earlier term sheet.

The floor price is at a 4.5% discount compared to the closing price of ₹5,420 per share on Monday (May 26, 2025).