According to sources, New Delhi, May 26 (PTI) Interglobe Aviation Promoter Rakesh Gangwal and his family trust are expected to share a 3.4 percent stake in the airline on Tuesday for at least Rs 6,831 crore.
Gangwal, co-founder of Indigo, is closing his grip in a phased manner after a bitter collapse with co-founder Rahul Bhatia.
Apart from Gangwal, Chinkarpu Family Trust, whose trustee is Shoba Gangwal and Delaware’s JP Morgan Trust Company, will divide the 3.4 percent stake in the country’s largest airline Indigo, sources said.
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He said that investment banking firm Goldman Sachs (India) is a placement agent for the Securities Private Limited, Morgan Stanley India Company and JP Morgan India Stake Sale.
Currently, Gangwal and Family Trusts hold about 13.5 percent in IndiGo simultaneously.
Under the proposed transaction, to be executed on 27 May, according to the term sheet accessed by PTI, 1.32 crore equity shares will be sold at a floor of Rs 5,175 per share.
On Monday, the price of the floor is at a discount of 4.5 percent compared to the closing price of Rs 5,420 per share.
Sources said that the shares worth 1.32 crore are about 3.4 percent stake in the company and the size of the offer is about 803 million USD or about Rs 6,831 crore based on the price of the floor.
The proposed stock sales, BSE and NSE are to be done in many installments, will be completely secondary in nature and no freshness of equity will be released.
As part of the deal structure, the 150-day lock-up duration will apply to the vendors and their immediate relatives, preventing an exception-they can transfer a single investor or investor group shares of at least USD 300 million USD to a single investor or investor group through a conversation transaction subject to some pricing and lock-up conditions.
In August 2024, Rakesh Gangwal’s Family Trust sold 5.24 percent stake in the airline for Rs 9,549 crore. Earlier, Gangwal sold Indigo shares in March.
The stock sales is part of the gang’s decision in February 2022, to trim his shareholding after a bitter fight with co-founder Rahul Bhatia on alleged corporate administration issues.
Since February 2022, Gangwal and his wife Shoba Gangwal are launching their shares in Indigo.
In September 2022, Rakesh Gangwal and Shobha Gangwal sold 2.74 percent stake for Rs 2,005 crore. In February 2023, Shoba Gangwal divided the 4 percent stake in the company for Rs 2,944 crore. Later in August, Shoba Gangwal sold over 2.9 percent stake in the company to over Rs 2,800 crore. PTI HG Ram Shri
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