Gangwal family has put 15.6 million shares on the block with a floor price of Rs 2,400 per share, which is a 5.8% discount to the closing price of Monday.
Morgan Stanley, JPMorgan and Goldmans Sachs are bankers to the deal.
Gangwal family had 29.72% stake in IndiGo Airlines, and the total stake of promoters stood at 67.77% in the company at the end of June 2023, BSE data shows. At the current market price, the total stake of Gangwal family is valued at Rs 29,218 crore and the market capitalisation of India’s largest air carrier stood at Rs 98,313 crore. The Gangwal family had a holding of 36.66% in June 2022 and Rakesh Gangwal has been pruning his stake since then.
Rakesh Gangwal resigned from IndiGo’s board last February, and had said he would sell his take over the next five year.On the operating front, Indigo had a profit of Rs 3,090 crore in the fiscal first quarter and revenue of Rs 17,160 crore—the highest ever quarterly profit and revenue, which was 80% higher than consensus expectation, driven by higher-than-expected yields and revenue passenger kilometer (RPK). It ferried 26.2 million passengers in the June 2023 quarter with a load factor of 88.6%. At the end of June 2023, IndiGo had a fleet of 316 aircraft and had a net addition of 12 passenger aircraft during the quarter. The company guided that second quarter of fiscal year 2024 capacity in terms of available seat miles (ASKs) is expected to increase by around 25% as compared with the second quarter of fiscal year 2023.
