Rakesh Gangwal, co-founder of InterGlobe Aviation, is looking to sell up to $804 million in the company through a block deal, ET Now reported. The floor price for the same may be Rs 4,593 per share, which is 5.5% discount to the current market price.
Gangwal, the co-founder of India’s largest carrier, had said that he would gradually reduce the holdings in the company after stepping down from the board in February 2022. Shobha Gangwal has completely exited the airline.
Rakesh Gangwal, wife Shobha Gangwal, and their family trust, all of who are part of the promoter group, held close to 34% stake in the airline at the end of December last year.
Earlier this year, Gangwal had offloaded 5.8% stake in the budget carrier through the open market for Rs 6,786 crore.
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