The Gangwal family of Interglobe Aviation is raising $450 million or around Rs 3,735 crore via a block trade in the ongoing stake reduction exercise of the co-founder of Indigo Airlines, Rakesh Gangwal. In September 2022, the family had sold a tranche of 2.8 percent worth Rs 2,000 crore; in February, it sold a 4 percent stake for Rs 2,900 crore, as per media reports.

Rakesh Gangwal stepped down from the board of Interglobe Aviation in February 2022 and the family holds a 29.72 percent stake in it, as per the latest stock exchange disclosures. When he quit the board, Rakesh Gangwal had said the family would dilute its stake in a phased manner.

The offer floor price is Rs 2,400/per share, representing a 5.8 percent discount to the last close price of Rs 2,549 per share, according to deal terms. The current market cap of Interglobe Aviation is around Rs 98,313 crore and its stock price has risen by more than 22 per cent in the last six months.