The co-founder of Indigo, Rakesh Gangwal has plans to sell a 2.8 percent stake in InterGlobe Aviation. InterGlobe Aviation the parent company of Indigo Airlines launched a block deal for sale facilitated by Morgan Stanley and other related service providers. As part of the block deal, 10.8 million shares that belonged that the Gangwal family was listed for sale at Rs.19.96 billion mentioned in a notification of stock exchanges. As per reports, the shares were listed at Rs.1850 per piece with a discount of 6.5 percent in comparison to the closing price of InterGlobe Aviation of Rs 1,977.70 on the 7th of September on the National Stock Exchange.
Rakesh Gangwal had sorted opinions of the biggest financial service provider companies such as Morgan Stanley, Citigroup, and Goldman Sachs for planning the sale of his shares. Reportedly, Gangwal and his wife Shobha together hold a 36.6 percent stake in InterGlobe Aviation the combined market of which is Rs 28,097 crore. Gangwal and Bhatia had been involved in the bitter legal squabble for the past few years over the allegation of power misuse and party-related transactions.
Gangwal who had once been a hands-on promoter refused to participate in the purchase decisions in 2018 and took subsequently took a backseat to all operational aspects till he finally stepped down in February. Bhatia appointed himself as the managing director that very month. Gangwal at the same time planned to sell his shares over the next five years.