- Family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal, according to a media report.
- Rakesh Gangwal and his wife Shobha Gangwal are likely to sell their shares for a starting price of 2,400 rupees ($29) each, which is almost six percent less than the going market rate.
- Rakesh is an Indian business magnate and has served as the chairman and former CEO of the US Airways Group.
- After falling into a feud with his friend and co-founder, Rahul, he resigned from the company’s board in February 2022 and decided to sell his stocks over the coming years.
- Rakesh Gangwal is $4.7 billion as of 2023, according to Forbes. They own a $30 million worth mansion in Miami, Florida.
Be it a domestic or international journey, IndiGo has for decades been a travel companion of the world. IndiGo was founded by two Indians Rahul Bhatia and Rakesh Gangwal as a private company in 2006 until Rakesh decided to exit from the company. The Gangwal family headed by Rakesh has recently decided to sell IndiGo’s stake worth $450 million by block deal keeping Morgan Stanley, JPMorgan, and Goldman Sachs as deal bankers as per reports.
The family of IndiGo’s co-founder, Rakesh Gangwal, is looking to sell shares worth $450 million through a block deal, according to a media report. Rakesh Gangwal and his wife Shobha Gangwal are likely to sell their shares for a starting price of 2,400 rupees ($29) each, which is almost six percent less than the going market rate. According to a media report in June, the family was expected to sell between five percent and eight percent of its ownership for up to 75 billion rupees (about $900 million).
As of March 31, Rakesh and Shobha Gangwal owned 13.23 percent and 2.99 percent of Inter Globe, respectively, while their Chinkerpoo Family Trust owned 13.5 percent of the company, according to exchange data from June. In February, Shobha Gangwal decreased her stake in the company by more than four percent. When Rakesh Gangwal left the company’s board in February 2022, he said that he would reduce his stake in the airline over a five-year period.
Rakesh is an Indian business magnate and has served as the chairman and former CEO of the US Airways Group. Throughout his career, he has held significant positions of responsibility, as chairman, president, and CEO of Worldspan Technologies from June 2003 to August 2007. Gangwal engaged in a number of independent business ventures during 2002 and 2003, including consulting and private equity companies.
As a Booz Allen & Hamilton, Inc. associate who worked closely with United Airlines in September 1980, he was initially associated with the airline business. As manager of strategic planning, he joined United Airlines in 1984. At United Airlines, he held various jobs. Gangwal’s prior employment history includes positions as a production and planning engineer with Philips India Ltd. and as a financial analyst in Ford Motor Co.’s product development division as per Forbes.
After falling into a feud with his friend and co-founder, Rahul, he resigned from the company’s board in February 2022 and decided to sell his stocks over the coming years.
Rakesh Gangwal is $4.7 billion as of 2023, according to Forbes. They own a $30 million worth mansion in Miami, Florida that previously belonged to billionaire Charles Johnson.
(With inputs from agencies)
