IndiGo Co-founder Rakesh Gangwal Sells 5.8% Stake in Block Deal Worth Rs 11,928 Crore

rakesh Gangwal, co-founder of India's largest low-cost carrier

o (InterGlobe Aviation), has offloaded a 5.8% stake in the airline for an estimated Rs 11,928 crore through a significant block deal. The transaction was executed at a floor price of Rs 5,260 per share, representing approximately a 3% discount to the last closing price. Top-tier global investment banks, Goldman Sachs, Morgan Stanley, and JPMorgan, were enlisted to manage the sale. Gangwal's decision to reduce his stake comes after his resignation from the InterGlobe Aviation board in 2022, at which time he indicated a phased reduction of his shareholding. Despite this significant divestment, he continues to hold a substantial position as one of IndiGo's largest shareholders. The sale follows a period of strong financial performance for IndiGo. The airline recently reported a net profit of Rs 3,067.5 crore for the quarter ended March 31, 2025. This marks the second consecutive profitable quarter for the carrier, largely attributed to sustained robust domestic travel demand across India. In comparison, IndiGo had posted a net profit of Rs 1894.8 crore in the same period a year ago.