2 weeks ago
HomeMarket NewsRakesh Gangwal on the verge of exiting InterGlobe Aviation after latest block deal
The seller in the transaction will not be able to sell further stake for another five months, as there will be a 150-day lock-in period.
IndiGo co-founder Rakesh Gangwal is likely to have further trimmed his stake in parent company InterGlobe Aviation Ltd., after the latest block deal that took place in the stock on Tuesday, May 27.
As many as 2.26 crore shares of InterGlobe Aviation worth ₹11,928 crore, changed hands in the block deal that took place on Tuesday. The number of shares that changed hands amount to 5.8% of the total equity. Shares changed hands at an average price of ₹5,260.5 per share.
Buyers and sellers in the transaction are not officially known, although CNBC-TV18 had reported on Monday that Rakesh Gangwal intended to sell 3.4% equity through the block deal.
The deal was initially valued at ₹6,831 crore, but was later upsized to over ₹10,000 crore due to the strong demand.
Floor price for this transaction was fixed at ₹5,175 per share.
The seller in the transaction will not be able to sell further stake for another five months, as there will be a 150-day lock-in period.
In his individual capacity Rakesh Gangwal had a 5.3% stake in InterGlobe Aviation, along with an 8.23% stake held by The Chinkerpoo Family Trust, at the end of the March quarter.
Shares of InterGlobe Aviation are trading 2.4% lower post the block deal at ₹5,286.5. The stock has risen 15% so far in 2025.
