An IndiGo airlines passenger aircraft taxis on the tarmac at Chhatrapati Shivaji International airport in Mumbai, India, May 29, 2023. REUTERS
SYDNEY, May 27 (Reuters) – The co-founder of Indian airline IndiGo, Rakesh Gangwal, sold a 5.7% stake in the low-cost carrier through a block deal worth about $1.36 billion, a term sheet showed on Tuesday.
The shares were sold at 5,230.5 rupees ($61.35) each, the term sheet seen by Reuters showed, representing a discount of 3.5% to the company’s closing price on Monday.
IndiGo did not immediately respond to a request for comment.
Around 22.1 million shares were sold, the term sheet showed. The number of shares was increased from the original size of up to 13.2 million shares worth about $803 million.
Gangwal held about 13.5% of IndiGo shares, according to the term sheet.
Goldman Sachs, Morgan Stanley and JPMorgan led the share sale, the term sheet showed.
Reporting by Scott Murdoch; Additional reporting by Kashish Tandon; Editing by Clarence Fernandez and Muralikumar Anantharaman