The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5per cent-8per cent stake in the Indian airline's parent InterGlobe Aviation Ltd , worth up to ₹75 billion ($909.58 million), CNBC Awaaz said in a report, citing sources.
Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23per cent and 2.99per cent, respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5per cent stake, according to exchange data.
The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15, the report said.
Shobha Gangwal had cut her stake in the company by over 4per cent in February.
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Interglobe Aviation and a representative for the Gangwal family did not immediately respond to Reuters' request for comment.
Rakesh Gangwal resigned from the company's board in February 2022, and had said that he would cut his stake in the airline over five years.
Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.
Shares of the company, which are up over 19per cent year to date, fell as much as 3.1per cent after the stake sale report.
An earlier report revealed that the company is set to enhance its international connectivity by expanding its network with six new destinations and introducing an impressive 174 new weekly flights.