Overview

• A term sheet shows up to 1.21 crore shares will be offered at a floor price of Rs 5,808 per share, valuing the block at about Rs 7,028 crore.
• Goldman Sachs, JPMorgan and Morgan Stanley are managing the secondary sale to be executed via block deals on the NSE and BSE, with no new shares issued.
• The vendors agreed to a 150-day lock-up on further sales and may make one negotiated transfer of at least $300 million at or above the offer price to a buyer who accepts the lock-up.
• Post-transaction, the combined holding of Gangwal and the Chinkerpoo Family Trust is expected to fall from about 7.8% to roughly 4.7%.
• IndiGo shares eased about 1% after the update, while prior stake cuts since 2022 have raised more than Rs 45,300 crore for the Gangwal family.