IndiGo’s Rakesh Gangwal to sell $801-million stake, trim holding to under 5%

IndiGo co-founder and promoter Rakesh Gangwal plans to sell shares worth $801 million in the country’s largest airline, according to a term sheet accessed by Mint. Goldman Sachs (India) Securities Pvt, Morgan Stanley India Co. and J.P. Morgan India Pvt are arranging the trade.

Under the updated terms, Gangwal and his Chinkerpoo Family Trust will sell up to 12.1 million — or about 3.1% shares — in InterGlobe Aviation Ltd, which runs IndiGo. The offer price of ₹5,808 reflects a nearly 4% discount to the stock’s closing price of ₹6,050 on Tuesday on the National Stock Exchange (NSE).