IndiGo co-founder’s wife to sell 4% stake worth $350 million via block deal

Shobha Gangwal, wife of IndiGo co-founder Rakesh Gangwal, is set to sell a 4% stake worth ₹2,930 crore ($353 million) in the parent company – InterGlobe Aviation Ltd – through a block deal on Thursday, as per a report by Mint. InterGlobe Aviation Ltd, which operates IndiGo, was founded by businessman Rahul Bhatia and airline veteran Rakesh Gangwal in 2006.

This is Gangwal family’s second round of promoter stake sale after selling a 2.8% stake for around $250 million in September 2022. The September sale took place seven months after Rakesh resigned from the company’s board.

As on December 31, the family owned 33.78% stake in India’s biggest airline.