MUMBAI/NEW DELHI : Rakesh Gangwal, co-founder and co-promoter, of India’s greatest airline, Interglobe Aviation Ltd owned IndiGo, will promote as much as 2.8% stake within the airline by a block deal, which is able to fetch him not less than $250 million, as per deal phrases seen by Mint.
The promoting shareholders embody Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Household Belief, collectively the Rakesh Gangwal promoter group, which owned a 36.6% stake within the airline as of 30 June.
Shares are supplied to institutional patrons at a ground worth of Rs1,850 apiece, a reduction of 6.5% to the closing worth of Rs1,977 per share on the NSE on Wednesday.
On the ground worth, the stake sale will fetch Gangwal promoter group not less than Rs1,996 crore or $250 million.
Funding banks Morgan Stanley India Co. Pvt. Ltd, Goldman Sachs (India) Securities Pvt. Ltd and J.P. Morgan India Pvt. Ltd are the brokers to the block commerce. The block commerce can be executed on 8 September.
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