The shares will be offloaded by Gangwal and The Chinkerpoo Family Trust at a floor price of Rs 5,175 per share — a 4.5% discount to IndiGo’s closing price of Rs 5,420 on the National Stock Exchange as of May 26.
As of March 31, 2025, the Gangwal family held a 13.53% stake in IndiGo. The proposed sale marks yet another step in their gradual exit from the airline, which Gangwal co-founded with Rahul Bhatia in 2006. Just three years ago, the Gangwal family held close to 37% in the company.
Gangwal stepped down from IndiGo’s board in February 2022 and publicly stated his intention to reduce his shareholding over time. Since then, the family has steadily pared down its stake. In August 2024, they sold a 5.25% stake for Rs 9,549 crore. Earlier in 2024, they sold 5.8% stake that fetched Rs 6,786 crore. Shobha Gangwal exited completely, offloading a 4% stake in August 2023 for about Rs 2,944 crore.
The latest block deal reflects continued promoter churn in India’s aviation sector, even as IndiGo maintains its dominant market share and expands its international footprint. Analysts say Gangwal’s divestment may also improve the company’s free float and liquidity, potentially increasing its appeal to large institutional investors.
