Gangwals to offload $450 million more of IndiGo stake

Indigo Airlines’ promoters, the Gangwal family, are selling $450 million worth of shares in a block deal through bankers Morgan Stanley, JPMorgan, and Goldman Sachs. The family is offering 5.6% of its shares at a floor price of INR 2,400 ($32.27) per share. Indigo had a net profit of INR 3,090 crore ($414.98 million) in Q1, with a revenue of INR 17,160 crore ($2.30 billion). At the end of June, it had a fleet of 316 aircraft and a 36.66% stake held by the Gangwal family.