Skift India Report: IndiGo Owner Sells More Shares in InterGlobe Aviation
Photo Credit: IndiGo has reportedly placed an order with Boeing for around 25 wide-body planes. Indigo Nation / Nadir Hashmi
Skift Take
Given Rakesh Gangwal’s previous comments on selling his entire holding in InterGlobe over a period of five years, this news comes as no surprise. Of more interest is where will the low-cost airline’s investor turn his attention to next?
IndiGo’s co-founder Rakesh Gangwal and his family have disclosed they would sell up to $450 million of shares in the budget carrier's parent holding, InterGlobe Aviation. That represents about 4% of his stake and would be the largest block deal yet by Gangwal.
Sellers: Gangwal who holds more than 29.72% stake in the company, stepped down from the InterGlobe board in February 2022 and has been gradually selling shares.
Share Price: Gangwal family has put 15.6 million shares for sale with a floor price of $28.87 per share, which is a 5.8% discount to the closing price on Monday.
Other Shareholders: Rahul Bhatia, the other co-founder of IndiGo, and his family own more than 38.05% stake, according to exchange filings.
In another development, Boeing has emerged as the front-runner to book an order for approximately 25 wide-body planes from IndiGo, according to Reuters. Boeing and Airbus have been competing to win the widebody deal since
