Rakesh Gangwal, co-founder of India’s largest airline, IndiGo, raised approximately $820 million through a block equity sale, marking the country’s largest such transaction since 2019. Gangwal sold 22.5 million shares of InterGlobe Aviation Ltd., IndiGo’s parent company, at Rs 3,015.10 per share, exceeding the initially expected number of shares. This move comes as IndiGo’s stock trades near record highs, driven by growing retail investor interest and robust corporate earnings. Goldman Sachs, Morgan Stanley, and JPMorgan served as placement agents for the sale. IndiGo shares rose by 2% following the announcement, continuing their upward trend, with a 6.5% increase this year and a remarkable 48% surge last year.
IndiGo Co-founder Gangwal Raises $820 Million in Block Sale
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