Co-founder of Indian airline IndiGo Rakesh Gangwal would sell up to a 3.3% share in operator Interglobe Aviation via a block sale, valued at 37.3 billion rupees ($451 million), according to a report on Thursday from news channel CNBC-TV18, which cited sources.
According to the newspaper, the floor price for the block transaction is 2,925 rupees per share, or 5.8% less than Interglobe’s closing price on Thursday.
An inquiry for comment from Reuters was not immediately answered by IndiGo.
CNBC-TV18 did not provide a timeframe for the block transaction.
As of now, exchange data shows that Gangwal owns 11.72% of the airline he co-founded in 2006 with Rahul Bhatia.
Over the last year, Gangwal and his spouse, Rekha Gangwal, have decreased their ownership stake in the company; the latter withdrew entirely from the business in August.
After Bhatia’s Interglobe Enterprises, their Chinkerpoo Family Trust is still the company’s largest stakeholder, with a 13.49% interest in Interglobe.