IndiGo co-founder sells Rs 11,594 cr of airline's shares

The co-founder of Indian airline IndiGo, Rakesh Gangwal held about 13.5% of IndiGo shares, according to the term sheet.

Sydney: The co-founder of Indian airline IndiGo, Rakesh Gangwal, sold a 5.7 per cent stake in the low-cost carrier through a block deal worth about Rs 11,594 cr ($1.36 billion), a term sheet showed on Tuesday.

The shares were sold at Rs 5,230.5 ($61.35) each, the term sheet seen by Reuters showed, representing a discount of 3.5 per cent to the company's closing price on Monday.

IndiGo did not immediately respond to a request for comment.

Around 22.1 million shares were sold, the term sheet showed. The number of shares was increased from the original size of up to 13.2 million shares worth about Rs 684 cr ($803 million).

Gangwal held about 13.5 per cent of IndiGo shares, according to the term sheet.

Goldman Sachs, Morgan Stanley and JPMorgan led the share sale, the term sheet showed. ($1 = 85.2520 Indian rupees)