IndiGo co-founder Rakesh Gangwal’s family to sell shares worth $450 million on Aug 16: Report  

Family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal on Wednesday, according to aby CNBC-TV18 report.

Rakesh Gangwal and his wife Shobha Gangwal are likely to sell their shares for a starting price of 2,400 rupees ($29) each, which is almost sixper cent less than the going market rate.

According a CNBC Awaaz report in June, the family was expected to sell between fiveper cent and eightper cent of its ownership for up to 75 billion rupees (about $900 million).

As of March 31, Rakesh and Shobha Gangwal owned 13.23 per cent and 2.99 per cent of InterGlobe, respectively, while their Chinkerpoo Family Trust owned 13.5 per cent of the company, according to exchange data from June.

In February, Shobha Gangwal decreased her stake in the company by more than fourper cent.

When Rakesh Gangwal left the company’s board in February 2022, he said that he would to reduce his stake in the airline over a five-year period.

(With inputs from Reuters)

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