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3w ago

Rakesh Gangwal Offloads 5.7% of IndiGo in Rs 11,559 Crore Block Deal

IndiGo shares tumbled nearly 4 percent after the secondary sale that furthers his five-year divestment plan

Rakesh Gangwal and his family trust currently own a total of around 13.5% of IndiGo shares, reported Bloomberg.
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Overview

  • The transaction sold 2.21 crore equity shares at Rs 5,230.50 apiece, a 3.5% discount to Monday’s close, raising about Rs 11,559 crore.
  • Gangwal’s stake fell from 13.5% to roughly 7.8% post-deal as he pursues a phased exit following a 2022 governance dispute with co-founder Rahul Bhatia.
  • Goldman Sachs, Morgan Stanley and JPMorgan served as placement agents under terms that include a 150-day lock-up for vendors and immediate relatives.
  • The entirely secondary sale did not issue fresh equity and follows earlier divestments in September 2022, February 2023, March 2024 and August 2024.
  • Under CEO Pieter Elbers, IndiGo’s Q4 FY25 net profit jumped 62% year-on-year, driven by strong travel demand even as the stock reacted to the stake sale.