Skift Take
Given Rakesh Gangwal’s previous comments on selling his entire holding in InterGlobe over a period of five years, this news comes as no surprise. Of more interest is where will the low-cost airline’s investor turn his attention to next?
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IndiGo’s co-founder Rakesh Gangwal and his family have disclosed they would sell up to $450 million of shares in the budget carrier's parent holding, InterGlobe Aviation. That represents about 4% of his stake and would be the largest block deal yet by Gangwal.
Sellers: Gangwal who holds more than 29.72% stake in the company, stepped down from the InterGlobe board in February 2022 and has been gradually selling shares.
Share Price: Gangwal family has put 15.6 million shares for sale with a floor price of $28.87 per share, which is a 5.8% discount to the closing price on Monday.
Other Shareholders: Rahul Bhatia, the other co-founder of IndiGo, and his family own more than 38.05% stake, according to exchange filings.
In another development, Boeing has emerged as the front-runner to book an order for approximately 25 wide-body planes from IndiGo, according to Reuters. Boeing and Airbus have been competing to win the widebody deal since June.
Order Details: IndiGo is in talks to buy Boeing’s 787 family of twin-aisle aircraft, which has been pitted against Airbus’ A330neo jets.
Historic Deal: The recent talks come weeks after IndiGo placed a record order for 500 Airbus narrow-body jets, shadowing an earlier deal by rival Air India for 470 Airbus and Boeing planes.
International Operations: Foraying into Central Asia, IndiGo is set to operate four weekly non-stop flights between Delhi and Tashken