IndiGo's Gangwal Seeks $803 Million From Share Sale, Terms Show
Rakesh Gangwal, the co-founder of India's largest airline IndiGo, and his family trust are seeking as much as $803 million from the sale of 3.4% stake in the carrier, as the billionaire continues to reduce his holding in operator InterGlobe Aviation Ltd.
Gangwal and The Chinkerpoo Family Trust are selling as many as 13.2 million shares of the airline at a floor price of 5,175 rupees ($61), according to terms of the deal seen by Bloomberg News. That is a 4.5% discount to Monday's closing price of 5,420 rupees.
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