MUMBAI:
Rakesh Gangwal
, the outgoing promoter of leading domestic airlines
InterGlobe Aviation
that operates under IndiGo brand, is selling 3.3% stake in the company through
block deals
on Monday that could fetch him about Rs 3,730 crore (about $450 million).
Gangwal plans to sell a little less than 1.3 crore shares of Indigo at a floor price of Rs 2,925 per share – nearly a 6% discount to its Thursday closing price of Rs 3,102, term sheet for the deal showed.
Morgan Stanley India
,
Goldman Sachs
(India) Securities and JP Morgan India are managing the deal.
Gangwal invests $20mn in unicorn Zetwerk
Rakesh Gangwal, the co-founder of IndiGo Airlines, has invested $20 million in unicorn startup Zetwerk. The funding has been routed through Wheelhouse Venture Capital, a US-based private investment firm run by his daughter Parul Gangwal.
“The fresh investment has been done at more or less the previous valuation,” said a source aware of the development. Bengaluru-based Zetwerk, which runs a contract manufacturing marketplace, is valued at $2.8 billion.
The company provides precision manufacturing solutions and manufacturing services to a range of industries, and plans to use the funds to build on its growth.