Co-Founder Rakesh Gangwal Divests $1.36 Billion Stake in Indigo through Block Deal; Stock Price Down by 1.97%

Mumbai, May 27, 2025: SYDNEY — In a major development for India’s aviation sector, IndiGo co-founder Rakesh Gangwal has sold a 5.7% stake in the airline via a large-scale block deal valued at approximately $1.36 billion, according to a term sheet reviewed by Reuters on Tuesday. At 11:20 a.m. Indian standard time, 27th May, Indigo’s stock price is down by 1.97%.

The sale involved 22.1 million equity shares, with each priced at ₹5,230.5 ($61.35). This price point reflects a 3.5% discount to IndiGo’s closing price on Monday, as stated in the term sheet.

The deal size exceeded initial expectations. Originally, the offering was slated to comprise up to 13.2 million shares worth an estimated $803 million. However, strong investor interest likely led to the increase in volume.

Prior to this transaction, Gangwal held about 13.5% of the airline’s total shares. His gradual exit from the company has been in line with earlier indications of his intent to reduce his holding over time.

The block deal was jointly managed by global financial heavyweights Goldman Sachs, Morgan Stanley, and JPMorgan.

IndiGo, formally listed as INGL.NS, did not offer an immediate comment when contacted regarding the transaction.

As of the latest exchange rate, $1 is equivalent to ₹85.2520.

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