Apart from Gangwal, The Chinkerpoo Family Trust, Whose Trustees are Shobha Gangwal and JP Morgan Trust Company of DelaWare, will be divisible 3.4 per cent stake in indigo, the countery airline, the countery ‘ Sources said.
Investment Banking Firms Goldman Sachs (India) Securities Pvt Ltd, Morgan Stanley India Company and JP Morgan India are the placement agents for the stake sales, they added.
Currently, Gangwal and the Family Trust Togetra Hold About 13.5 per cent in IndiGo.
Under the proposed transaction, to be executed on May 27, up to 1.32 Crore Equity Shares will be sold at a floor price of 5,175 per share, as per the term sheet accessed by pti.
The floor price is at a 4.5 per cent discount compared to the closing price of 5,420 per share on Monday.
The sources said 1.32 Crore Shares will Amount to Around 3.4 per cent stake in the company and the offer size, based on the floor price, is peged at Around Usd UsD UsD UsD 803 Million or About 6,831 Crore.
The proposed share sala, to be done in multiple traches on bse and nse, will be entryly secondary in natural and will not have any fresh issue of right.
As part of the deal structure, a 150-day lock-up period will apply to the vendors and their immediati also, barring one exception–they may transfer shares to least us at least usdle invest to a single in Or Investor Group Through a Negotiate Transaction, Subject to Certain Pricing and Lock-Up Conditions.
In August 2024, Rakesh Gangwal’s Family Trust Sold A 5.24 per cent stake in the airline for 9,549 Crore. Before that, Gangwal Had Sold Shares of IndiGo in March.
The share sala is part of gangwal’s decision in February 2022 to trim his shareholding after a bitter feer with co-founder rahul bhatia over alleged corporate governs
Since February 2022, Gangwal and His Wife Shobha Gangwal has been offloading their shares in indigi
In September 2022, Rakesh Gangwal and Shobha Gangwal Sold A 2.74 per cent shareholding for 2,005 Crore. In February 2023, Shobha Gangwal Diveted A 4 per cent stake in the company for 2,944 Crore. Later in August, Shobha Gangwal Sold A Nearly 2.9 per cent stake in the company for a little over 2,800 Crore.