Gangwal to dump 3.3% IndiGo stake for $450 million - 7 minute timer

Gangwal to dump 3.3% IndiGo stake for $450 million

MUMBAI: Rakesh Gangwal, the outgoing promoter of main home airways InterGlobe Aviation that operates underneath IndiGo model, is promoting 3.3% stake within the firm via block offers on Monday that would fetch him about Rs 3,730 crore (about $450 million). Gangwal plans to promote rather less than 1.3 crore shares of Indigo at a ground value of Rs 2,925 per share – practically a 6% low cost to its Thursday closing value of Rs 3,102, time period sheet for the deal confirmed. Morgan Stanley India, Goldman Sachs (India) Securities and JP Morgan India are managing the deal.Gangwal invests $20mn in unicorn ZetwerkRakesh Gangwal, the co-founder of IndiGo Airways, has invested $20 million in unicorn startup Zetwerk. The funding has been routed via Wheelhouse Enterprise Capital, a US-based non-public funding agency run by his daughter Parul Gangwal. “The fresh investment has been done at more or less the previous valuation,” mentioned a supply conscious of the event. Bengaluru-based Zetwerk, which runs a contract manufacturing market, is valued at $2.8 billion.The corporate offers precision manufacturing options and manufacturing companies to a spread of industries, and plans to make use of the funds to construct on its development.

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