New Delhi, May 27 (PTI) Interglobe Aviation Promoter Rakesh Gangwal and his family on Tuesday sold a 5.7 percent stake in the airline to about Rs 11,385 crore (USD 1.33 billion USD) through a block deal.
Apart from Gangwal, Chinkarpu Family Trust, who has trustee Shoba Gangwal and Delaware’s JP Morgan Trust Company, has also participated in transactions to divide its stake in the country’s largest airline Indigo, said sources.
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.
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Prior to the latest transactions, Gangwal and Family Trusts simultaneously owned about 13.5 percent in Indigo.
According to the latest block deal, according to the updated term sheet seen by PTI, 2.2 crore equity shares were sold at a price of Rs 5,175 per share.
The total number of shares has increased from about 13.2 million shares (1.32 million shares) of 803 million (about Rs 6,831 crore) mentioned in the earlier term sheet.
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 company has an amount of 2.2 crore shares about 5.7 percent, and the size of the offer is about 1.33 billion USD or about Rs 11,385 crore based on the price of the floor.
Shares executed through several installments on BSE and NSE are completely secondary in nature.
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 Dr.
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