Gangwal Family To Sell Up To 2.8% Stake In Indigo Via Block Deal

The Gangwal family, who are among the promoters of IndiGo airline, will sell up to 2.8 per cent stake via block deals.

According to an Economic Times report, the Gangwals will sell shares up to the base price of Rs 1,850, a discount of up to 6.5 per cent. The deal size is estimated to be Rs 1,996 crore.

Rakesh Gangwal and Shobha Gangwal together own about 23 per cent stake in the airline.

Morgan Stanley, Goldman Sachs and JP Morgan are the brokers to the deal.

The stock of InterGlobe Aviation, which runs the airline, ended 1.9 per cent lower at Rs 1,983.95 on the BSE on Wednesday.

InterGlobe Aviation yesterday said Pieter Elbers has joined as the new chief executive officer (CEO). He succeeds Ronojoy Dutta, who retired last week. 

IndiGo had announced the appointment of Elbers as the CEO on May 18. 

The airline narrowed down its consolidated net loss to Rs 1,064 crore for the June quarter from Rs 3,174-crore loss in the year-ago period. While its revenue from operations increased 328% YoY to Rs 12,855 crore, the total income rose 311% to Rs 13,019 crore, its highest-ever in a quarter.

As of June 30, IndiGo had a fleet of 281 aircraft, including 35 A320ceo, 146 A320neo, 65 A321neo and 35 ATR.