The family of IndiGo Co-founder Rakesh Gangwal could offload between 5% -8% stake in the Parent company of the airline, InterGlobe Aviation, on July 12, as per a CNBC Awaaz report. The block deal could be worth anywhere between Rs 5,000 crore to Rs 7,500 crore. 

After a fallout with fellow founder Rahul Bhatia, Rakesh quit the company’s board in 2022. Rakesh said he would cut his stake in the airline over five years. As of March end, Rakesh held a 13.23% stake in the company. His wife, Shobha Gangwal, who had cut her stake in the company by over 4% in February for an estimated Rs 2,900 crore, held 2.99% of the company. 

The Gangwal family holds a 16.2% stake in the airline, while their Chinkerpoo Family Trust holds a 13.5% stake. The report said that the Gangwal family would likely sell their stake in block deals when the lock-in for the shares opens on July 15.

Shares of InterGlobe fell as much as 3.3% and closed at Rs 2,415.30, nearly 2% lower from the previous closing price. The stock price, however, has remained stable so far this year and is up 17%.