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IndiGo co-founder Rakesh Gangwal to sell up to 3.8% stake in the airline | Mint

Livemint

Livemint · 11m ago

IndiGo co-founder Rakesh Gangwal to sell up to 3.8% stake in the airline | Mint

Rakesh Gangwal, co-founder of IndiGo, plans to sell up to 14.7 million shares or a 3.8% stake in parent company InterGlobe Aviation through a block deal. The sale is estimated to be worth $804 million, with an offer floor price of ₹4593 per share. Gangwal's stake in InterGlobe Aviation is expected to decrease to 15.58% following the sale. The stake sale will be conducted by investment banks JP Morgan India, Goldman Sachs, and Morgan Stanley India. IndiGo is India's largest domestic airline with a 62% share of the market and a 16.9% share of the international market.

Related News

IndiGo co-founder Rakesh Gangwal likely to sell higher stake of 5.8%, looks to raise Rs 6,600 cr

Money Control

Money Control · 1y ago

IndiGo co-founder Rakesh Gangwal likely to sell higher stake of 5.8%, looks to raise Rs 6,600 cr

IndiGo co-founder Rakesh Gangwal is reportedly planning to sell up to 5.8% stake in Interglobe Aviation, parent company of the airline. This is higher than the earlier plan to sell 3.3% stake. The proposed equity sale aims to raise nearly INR 6,600 crore, with a floor price set at INR 2,925 per share. Gangwal and his family trust collectively own around 25% of Interglobe Aviation. The stock price of Interglobe Aviation has risen by 25% in the past six months.

IndiGo co-founder Gangwal in talks to buy 'sizable' stake in SpiceJet

Reuters · 1y ago

IndiGo co-founder Gangwal in talks to buy 'sizable' stake in SpiceJet

Rakesh Gangwal, co-founder of IndiGo, is reportedly in talks to buy a significant stake in troubled Indian airline SpiceJet. Shares of SpiceJet soared by 20% following the news. The cash-strapped airline has been struggling to raise funds and revive operations for a portion of its grounded fleet. Gangwal and his family currently hold stakes in InterGlobe Aviation, the parent company of IndiGo. SpiceJet has not yet commented on the report.

Rakesh Gangwal: the airline industry disciplinarian behind IndiGo’s success

Livemint

Livemint · 9m ago

Rakesh Gangwal: the airline industry disciplinarian behind IndiGo’s success

Rakesh Gangwal, co-founder of Indian airline IndiGo, has played a significant role in the company's success. With a background in the airline industry, Gangwal guided IndiGo to become the leading airline in the Indian market. However, in February 2022, he announced his departure from the company amid differences over management and corporate governance issues. Gangwal has recently joined the board of Southwest Airlines and has invested heavily in the US carrier. Despite his success and considerable wealth, Gangwal remains a frugal individual, prioritizing profitability over unnecessary customer pampering.

IndiGo co-founder Gangwal sells stake worth $820 mn

VCCircle

VCCircle · 1y ago

IndiGo co-founder Gangwal sells stake worth $820 mn

Rakesh Gangwal, co-founder of Indian airline IndiGo, has sold a 5.8% stake worth $820.3 million in operator Interglobe Aviation. The shares were sold via bulk deals, with Morgan Stanley being one of the buyers. It is not clear how much stake Gangwal holds in the company now. This move follows a trend of Gangwal and his wife reducing their shareholding in the company over the past two years. IndiGo's share price rose 3.6% following the announcement.

IndiGo co-founder Rakesh Gangwal further reduces stake in InterGlobe Aviation

Livemint

Livemint · 1y ago

IndiGo co-founder Rakesh Gangwal further reduces stake in InterGlobe Aviation

Rakesh Gangwal, co-founder of IndiGo, has sold a larger-than-anticipated 5.8% stake in InterGlobe Aviation, the parent company of the airline. The sale, conducted through a block deal on the Bombay Stock Exchange, follows previous divestments by Gangwal and indicates a gradual reduction in his shareholding. Gangwal sold 22.5 million shares worth ₹6,785.7 crore (approximately $928 million) at an average price of ₹3,015.88 per share. Following the transaction, Gangwal's stake in the company is now 6%, reducing the promoter group's holding in InterGlobe Aviation to 57.3%.

IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation

Livemint

Livemint · 1y ago

IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation

IndiGo co-founder Rakesh Gangwal is planning to sell 3.3% of his stake in InterGlobe Aviation Ltd through a block deal. The sale, estimated to be worth $450 million, will see Gangwal's stake decrease to 8.42%. It follows similar stake sales by Gangwal in the past. Morgan Stanley, JP Morgan, and Goldman Sachs will manage the sale on behalf of the promoter. IndiGo's stock has risen 67.35% in the past year. This move is part of Gangwal's plan to gradually reduce his stake in the company.

IndiGo co-founder Gangwal to join US airline Southwest's board

VCCircle

VCCircle · 1y ago

IndiGo co-founder Gangwal to join US airline Southwest's board

Southwest Airlines has appointed Rakesh Gangwal, co-founder of InterGlobe Aviation (operator of India's largest airline, IndiGo), to its board of directors. This move comes as Southwest faces pressure from activist investor Elliott to take defensive measures. Elliott has called for changes in the board composition and leadership due to disappointing financial results. Southwest recently implemented a "poison pill" strategy to prevent Elliott from increasing its stake in the company. Gangwal's expertise in travel technology is seen as valuable to support Southwest's operations and strategic initiatives.

IndiGo Shares Slide 3% as Rakesh Gangwal Offloads INR 11,928-Cr Stake in Block Deal

StartupTalky

StartupTalky · 2m ago

IndiGo Shares Slide 3% as Rakesh Gangwal Offloads INR 11,928-Cr Stake in Block Deal

Co-founder Rakesh Gangwal of InterGlobe Aviation, IndiGo Airlines' parent company, sold 2.26 crore shares, lowering his stake and causing a 3% drop in stock prices. The block deal, managed by banks like Morgan Stanley, valued at INR 11,928 crore, was part of Gangwal's gradual exit plan post his 2022 board resignation. Despite this, IndiGo reported strong financial results, driven by increased domestic demand, strategic transformations, and enhanced global presence, maintaining robust growth and optimism.

Buzzing Stocks: RVNL, IndiGo, Vodafone Idea, GAIL, Adani Ent, M&M, BSE and others in news

Money Control

Money Control · 1y ago

Buzzing Stocks: RVNL, IndiGo, Vodafone Idea, GAIL, Adani Ent, M&M, BSE and others in news

Rail Vikas Nigam has been awarded a project worth Rs 1,298.2 crore to develop distribution infrastructure in Himachal Pradesh. IndiGo co-founder Rakesh Gangwal is considering selling up to a 5.8% stake in InterGlobe Aviation to raise nearly Rs 6,600 crore. GAIL, ONGC, and Shell Energy India have signed an MoU to explore opportunities for importing ethane and other hydrocarbons. Vodafone Idea is seeking shareholder approval to issue securities worth Rs 20,000 crore. And Adani Enterprises has inaugurated the integrated terminal 3 of the Chaudhary Charan Singh International Airport.

Aviation veteran Rakesh Gangwal invests $20 mn in Zetwerk

VCCircle

VCCircle · 1y ago

Aviation veteran Rakesh Gangwal invests $20 mn in Zetwerk

Rakesh Gangwal, co-founder of IndiGo and former CEO of US Airways Group, has invested $20 million in Bengaluru-based manufacturing startup Zetwerk. Gangwal made the investment through Wheelhouse Venture Capital in a flat round that values Zetwerk at nearly $2.8 billion. The funding comes after Zetwerk raised $120 million in a Series F round led by Avenir Growth Capital. Zetwerk has reported significant revenue growth, doubling its operating income to INR 11,449 crore ($1.5 billion) in the previous financial year.

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