Rakesh Gangwal raises $501 million in downsized IndiGo sale
Billionaire Rakesh Gangwal’s latest attempt to pare his stake in IndiGo faced a surprise on Thursday, as the size of his share sale was reduced — a rare move for the Indian carrier, whose stock ranks among the world’s most valuable airlines.
Gangwal and the Chinkerpoo Family Trust offloaded 7.56 million shares or 1.96% stake in the low-cost carrier, raising about 43.9 billion rupees ($501 million), according to the terms of the deal seen by Bloomberg News on Thursday. This is less than the earlier plan to sell 12.1 million shares worth over $800 million, the terms showed on Tuesday.
