Latest news with #blockDeal
Reuters
27-05-2025
- Business
- Reuters
India's IndiGo co-founder to sell up to $1.4 billion worth of shares, term sheet shows
SYDNEY, May 27 (Reuters) - The co-founder of Indian airline IndiGo ( opens new tab, Rakesh Gangwal, will sell a stake of up to 5.7% in the low-cost carrier through a block deal worth up to $1.4 billion, a term sheet seen by Reuters showed on Tuesday. The share sale will have a floor price of 5,175 rupees ($60.84), the term sheet showed, or a discocunt of 4.5% from the company's closing price on Monday. ($1=85.0630 Indian rupees)
Reuters
26-05-2025
- Business
- Reuters
India's IndiGo co-founder to sell part of stake in deal worth $800 million, media report says
May 26 (Reuters) - Indian airline IndiGo ( opens new tab co-founder Rakesh Gangwal will sell up to a 3.4% stake in the low-cost carrier through a block deal worth 68.31 billion rupees (nearly $803 million), news channel CNBC-TV18 reported on Monday, citing sources. Gangwal plans to sell the shares at a floor price of 5,175 rupees each – marking a 4.5% discount from the stock's Monday close of 5,420 rupees. The airline did not immediately respond to a request for comment. IndiGo was founded in 2006 by Gangwal and Rahul Bhatia. Gangwal, who currently chairs the board of directors of U.S. budget carrier Southwest (LUV.N), opens new tab, quit IndiGo's board in 2022, following a dispute with Bhatia over a change to certain rules in the company's articles of association. From a 36.6% stake in 2022, Gangwal and his family have been reducing their ownership of Indigo to a current stake of 13.5%. ($1 = 85.0920 Indian rupees)
