IndiGo co-founder sells $1.36 billion of airline's shares, term sheet shows

By our Special Correspondent

Rakesh Gangwal, co-founder of budget airline IndiGo, will sell up to a 5.7% stake in the company through a block deal valued at around $1.4 billion, according to a term sheet reviewed on Tuesday, reported Reuters.

        In the deal, the sale will have a floor price of ₹5,175 ($60.84) per share, according to the term sheet. This means that there would be a 4.5% discount from IndiGo’s closing price of ₹5,420 on Monday, the document revealed.