IndiGo co-founder and promoter Rakesh Gangwal is expected to sell shares worth $803 million in the airline in a block deal on 27 May, according to the term sheet. Gangwal and his Chinkerpoo Family Trust are expected to offload13.2 million shares or 3.4% stake at an offer price of ₹5,175 per share in InterGlobe Aviation Ltd, which runs India’s largest carrier, said the term sheet reviewed by Mint. That’s a 4.5% discount to its Monday close price of ₹5,418.3 apiece on the BSE.As on 30 March, Gangwal had a 5.3% stake in the aviation company, while the Chinkerpoo Family Trust owned 8.23% in the company, according to data on BSE. As of November 2015, Gangwal owned 16.89% of IndiGo, while the trust held 15.64%.Goldman Sachs (India) Securities Pvt, Morgan Stanley India Co, and J.P. Morgan India Pvt are arranging the trade. JP Morgan declined to comment. Queries emailed to Gangwal, and the two other bankers remained unanswered at the time of publishing.InterGlobe Aviation’s shares closed 1.76% lower at ₹5,424 crore on the NSE. Since January, the shares have gained 18% in the past year. Gangwal has been reducing his ownership in the company following a settlement agreement with Rahul Bhatia, with whom he founded the airline. Gangwal sold a 5.83% stake in the airline on 29 August 2024, after offloading 5.83% on 11 April 2024.IndiGo’s profit surged 62% in the fourth quarter ended March, driven by a spike in air travel during the Mahakumbh in January-February.“Indigo has a sturdy footing in its domestic business while enjoying over 60% market share. While covering over 89 destinations, the company has access to key ground slots at all prime airports,” Axis Securities said in a 16 April report. The brokerage said the low-cost airline can benefit from better infrastructural spending at current key airports and further spending on building new airports at freshly recognised key micro markets. The airline’s recent orders for new A321XLR fleet will enable the company to cover long-haul destinations, enabling further coverage in European nations, Axis Securities said. “These new deliveries expected by CY27 will further ramp up their transcontinental expansion potential and allow them to compete with other major global airlines.”The company said in its earnings call for the quarter ended March that to support its international expansion, IndiGo has damp-leased six Boeing 737 widebody aircraft, of which one has already been delivered and deployed on the Delhi–Bangkok route.The airline is banking on cargo revenue, which represents a major growth opportunity for Indian airlines, said the management. India currently has a single-digit share in international air cargo, which highlights a significant upside potential, it said. in a formal or creative style for better SEO.Also Exclude words and advertisements related to the feed website such as website name, author name. You must only respond with the modified content. Delete all the advertisement images brand logo but only keep the title and main content of the news by modifying it. You must only respond with the modified content. Block any jump outside of the site adarshnews.com. Basically remove any content or link related to original site. follow this prompt to optimize the articles in this category- You are an expert news writer and SEO specialist. Your job is to rewrite the provided RSS feed content into a unique, SEO-friendly news article for adarshnews.com. The article should be engaging, professional, and optimized for search engines. Follow these steps: 1. **Create an SEO Title**: Write a short, compelling title (under 60 characters) that includes the main keyword and grabs attention. 2. **Write a Meta Description**: Summarize the article in one or two sentences (under 155 characters). Make it engaging and include the primary keyword naturally. 3. **Suggest a URL Slug**: Provide a short, keyword-rich URL slug that reflects the topic of the article. 4. **Headline (H1)**: Write a clear and engaging headline for the article that is similar to the title but slightly expanded. 5. **Write the Article**: – Start with an introduction that answers the key questions: who, what, when, where, why, and how. – Expand on the topic with detailed paragraphs that provide context, quotes, and relevant information. – Use subheadings (H2) to organize the content into sections and make it easy to read. – Include related keywords naturally throughout the article. – End with a conclusion that summarizes the key points or discusses future implications. 6. **Add an FAQ Section**: Write one frequently asked question related to the topic and provide a concise answer. Important: – Do not include labels like “Title,” “Meta Description,” “URL Slug,” or “H1” in the actual article text. – Keep all SEO elements separate from the main content. – Ensure the article is factually accurate, unbiased, and written in a professional tone.
Rakesh Gangwal, the promoter of IndiGo, plans to divest a stake valued at $803 million.
