India’s IndiGo Co-founder Gangwal to Sell Airline’s Shares Worth $450 Million: Report – News18

Rakesh Gangwal, co-founding father of Indian service IndiGo, will promote a stake of up to 3.3%, price 37.3 billion rupees ($451 million), in operator Interglobe Aviation via a block deal, information channel CNBC-TV18 reported on Thursday, citing sources.

The ground value for the block deal has been set at 2,925 rupees per share, the report mentioned, which is a 5.8% low cost to Interglobe’s closing value on Thursday.

IndiGo didn’t instantly reply to a Reuters request for remark.

CNBC-TV18 didn’t disclose when the block deal would happen.

Gangwal holds a 11.72% stake within the airline he based in 2006 with Rahul Bhatia, in accordance to newest out there alternate information.

Gangwal and his spouse, Rekha Gangwal, have diminished their shareholding within the firm over the past yr, with the latter utterly exiting the agency final August.

Their Chinkerpoo Family Trust nonetheless holds a 13.49% stake in Interglobe, and is the agency’s largest shareholder after Bhatia’s Interglobe Enterprises.

(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – Reuters)