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HomeBusinessGangwal to offload 3.3% IndiGo stake for $450 million

Gangwal to offload 3.3% IndiGo stake for $450 million


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.