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HomeBusinessGangwal to offload 3.3% IndiGo stake for $450 million

Gangwal to offload 3.3% IndiGo stake for $450 million

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.