IndiGo co-founder's wife likely to sell 4% stake in airline worth Rs 2,930 crore

Representative image. Credit: Reuters File Photo

The wife of IndiGo's co-founder is likely to sell a 4 per cent stake in the Indian carrier's parent, InterGlobe Aviation Ltd, for Rs 2,930 crore ($353.8 million) through a block deal, CNBC-TV18 reported on Wednesday, citing sources.

The offer floor price for the sale by Shobha Gangwal, the wife of IndiGo co-founder Rakesh Gangwal, has been set at Rs 1,875 per share, the news channel reported.

The price is at a 5.6 per cent discount to InterGlobe's closing price on Wednesday.

IndiGo did not respond to a Reuters request for comment, while Shobha Gangwal could not be immediately reached for comment.

Also Read | Lufthansa flight operations resume after major IT outage

Rakesh and Shobha Gangwal hold stakes of 13.23 per cent and 7.04 per cent, respectively in InterGlobe, while their Chinkerpoo Family Trust holds a 13.50 per cent stake.

The Gangwals sold a 2.75 per cent stake in September last year, seven months after Rakesh Gangwal resigned from the company's board and said he would cut his stake in the airline over five years.

Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.

Bhatia and his family entities own about 37.8 per cent of IndiGo.