IndiGo co-founder Gangwal to sell airline's shares worth Rs 3,700 crore: Reports

Bengaluru: Rakesh Gangwal, co-founder of Indian carrier IndiGo, will sell a stake of up to 3.3 per cent, worth 37.3 billion rupees ($451 million), in operator Interglobe Aviation through a block deal, news channel CNBC-TV18 reported on Thursday, citing sources.

The floor price for the block deal has been set at 2,925 rupees per share, the report said, which is a 5.8 per cent discount to Interglobe's closing price on Thursday.

IndiGo did not immediately respond to a Reuters request for comment.

CNBC-TV18 did not disclose when the block deal would take place.

Gangwal holds a 11.72 per cent stake in the airline he founded in 2006 with Rahul Bhatia, according to latest available exchange data.

Gangwal and his wife, Rekha Gangwal, have reduced their shareholding in the company over the last year, with the latter completely exiting the firm last August.

Their Chinkerpoo Family Trust still holds a 13.49 per cent stake in Interglobe, and is the firm's biggest shareholder after Bhatia's Interglobe Enterprises