Rakesh Gangwal, the co-founder of IndiGo, is set to divest a stake of up to 3.3%, valued at INR 37.3 billion ($451 million), in InterGlobe Aviation Limited (NSEI:INDIGO) through a block deal. According to a report in news agency Reuters and CNBC-TV18, Gangwal has announced plans to divest a stake of approximately 3.3% in operator Interglobe Aviation. Floor price for block deal: The floor price for the block deal has been established at INR 2,925 per share, representing a 5.8% discount to Interglobe's closing price on March 7, 2024.

Gangwal, holding an 11.72% stake in the airline, founded IndiGo in 2006 alongside Rahul Bhatia. The block deal details, including the date, were not disclosed in the report. Gangwal and his wife have gradually reduced their shareholding over the past year.

Over the past year, Rakesh Gangwal and his wife, Rekha Gangwal, have progressively diminished their ownership in the company, with the latter fully divesting from the firm in August of the previous year. Despite these changes, their Chinkerpoo Family Trust retains a significant 13.49% stake in Interglobe, making it the company's largest shareholder, second only to Bhatia's Interglobe Enterprises.