IndiGo share price falls over 2.5% amid likely ₹6,831 crore stake sale by co-founder Rakesh Gangwal

Interglobe Aviation, the operator of IndiGo airlines, share price dropped over 2.5 per cent in early trading session on Tuesday after the reports emerged that IndiGo co-founder Rakesh Gangwal is set to offload a portion of his shares in the airline via a block deal valued at ₹6,831 crore.

At 9:15 am, IndiGo stock opened at ₹5,269 apiece on May 27, as compared to ₹5420 crore on Monday.

IndiGo stake sale details

According to a report by news agency PTI, IndiGo's promoter and the associated family trust are expected to offload up to a 3.4% stake in the airline.

The stake sale will be managed by Goldman Sachs (India) Securities, Morgan Stanley India Company, and JPMorgan India, who are acting as placement agents.

As of Monday, May 26, 2025, data from the BSE showed that promoter Rakesh Gangwal holds a 5.3% stake in IndiGo, equivalent to 2,04,96,493 equity shares. The Chinkerpoo Family Trust—managed by Shobha Gangwal and JP Morgan Trust Company of Delaware—owns 8.23%. Together, Gangwal and the family trust collectively hold approximately 13.5% of the company.

According to reports, the stake sale is scheduled for Tuesday, involving the sale of up to 1.32 crore equity shares at a minimum price of ₹5,175 per share. The deal will be executed in multiple tranches.

The block deal won't include the creation of new shares, so the funds will go directly to the promoters who are selling their stake.

The Gangwal family has previously sold shares in IndiGo, with the stake reduction starting after a public dispute in 2022 between Rakesh Gangwal and co-founder Rahul Bhatia over alleged issues related to corporate governance.

Since then, the Gangwal family has reduced their stake from almost 37% to 13.5% prior to the most recent transaction. Previous stake reductions include a 5.24% sale in August 2024 valued at ₹9,549 crore, along with earlier sell-offs in March 2024, February 2023, and September 2022.

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